Cedi Appreciation: Akufo-Addo Says Strength Of Local Currency Not By Chance; Assures Gains Will Be Sustained

Cedi Appreciation: Akufo-Addo Says Strength Of Local Currency Not By Chance; Assures Gains Will Be Sustained

  • President Nana Akufo-Addo has broken his silence on the recent appreciation of the cedi
  • He says the development is not happening by chance as it is a result of deliberate government policies
  • He assured that the recent gains of the local currency against all major global trading currencies would be sustained

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The recent gains of the Ghanaian cedi are not by chance. That’s the firm assurance by President Nana Addo Dankwa Akufo-Addo to the citizenry.

In response to criticism, the president stated that deliberate policy changes made by the administration over the previous few months were the cause of the current appreciation of the cedi versus all major trade currencies.

President Akufo-Addo says the strengthening of the cedi is not by chance and assures that the gains will be sustained
L-R: President Akufo-Addo and some congregants of the Ga Presbytery Image Credit: @nakufoaddo
Source: Facebook

Recent Gains Of Ghana's Cedi Not By Chance But By Deliberate Policies

He claims that the benefits were achieved intentionally, in conjunction with the Bank of Ghana, rather than by happenstance.

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Among some of the measures introduced include “cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value, by speculators; the improvement of forex flows from remittances and the mining sector; and the reaching of a staff level agreement with the IMF for a US$3 billion package.”

Akufo-Addo: We'll Sustain Recent Gains Of Cedi

In an address at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana, held at the Black Star Square on Sunday, December 18, 2022, the president assured that government would continue to work hard to maintain and sustain the gains made.

The cedi has in the last few weeks made massive gains against the US dollar and other trading partners. This has seen it move from the worst to the best-performing currency in the world.

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Cedi Depreciation: Finance Ministry ‘Celebrates’ Local Currency’s Recent Gains Against US Dollar

Earlier, YEN.com.gh reported that the recent gains of the Ghanaian cedi against the US dollar have generated exciting reactions from government officials with the ministry of finance being the latest of such to celebrate the strength of the local currency.

In a social media post, the ministry noted the recent wins by the local currency which has been endorsed by a Bloomberg report.

The Twitter post on the official handle of the finance ministry showed an extract from the Bloomberg article showing the gains.

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Source: YEN.com.gh

Authors:
Ekow Annan avatar

Ekow Annan Francis Ekow Annan writes for YEN.com.gh. He has been part of the Politics and Current Affairs Desk since August 2022. Ekow has over ten years of experience in news reporting via various multimedia channels, including TV, Radio, and Online. He is an experienced multimedia journalist specialising in telling impactful current affairs, politics and business stories. He holds a BA in Communications (Strategic Communications) from the prestigious African University College of Communications (AUCC).