Akufo-Addo moans over cedi depreciation

Akufo-Addo moans over cedi depreciation

President Akufo-Addo has revealed that just like any other Ghanaian, he is unhappy with the rate at which the cedi is depreciating against other foreign currencies, especially the dollar.

According to him, all efforts are being made to arrest the decline and restore the cedi's stability.

Bloomberg reported that the Ghana cedi has depreciated to a record low after the local currency weakened 11% so far in 2019.

Akufo-Addo moans over cedi depreciation

Akufo-Addo moans over cedi depreciation. Source: Facebook/Nana Akufo-Addo.
Source: UGC

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President Akufo-Addo said he is extremely upset about the fast decline of the cedi, but assured that his government is working hard to bring some stability to the local currency.

I am extremely upset and anxious about it too, but I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability, in order to improve the competitiveness of Ghanaian industry. Very soon, we will be seeing the results of our policy,” he said.

The local currency has gone past the ¢5 mark following high demand of the US dollar by businesses.

Currently, the cedi has declined 0.4% to 5.5175 per dollar, which is its weakest level since Bloomberg started keeping the records in 1994.

The country’s economy has since come under scrutiny, with a section of the public complaining about the fast depreciation of the cedi.

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The president made the statement when he commissioned the Fujian Sentuo Ceramics Company in Kpone, in the Greater Accra Region, as part of the One-District-One-Factory initiative on February 27, 2019.

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Source: Yen

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