President Nana Akufo-Addo has described as “unacceptable”, the current depreciation of the Ghana cedi against the US dollar and other currencies of international trade.
“Other steps will be taken, in
particular, to deal with the unacceptable depreciation of the cedi”, the
President promised in an address at the opening of the 12th Biennial and 50th
Golden Conference of the Methodist Church of Ghana in Winneba on Thursday, 18
August 2022.
Also, he said: “Reining in inflation,
by bringing down food prices, is a major preoccupation of the government, and
this season’s emerging, successful harvest will assist us achieve this
objective, together with other policies that are being put in place”.
The President said he believes God to
turn things around.
“I urge all of you gathered here to
have that same belief that the fortunes of Ghana under the Presidency of Nana
Addo Dankwa Akufo-Addo will be restored. The Battle is the Lord’s,” he
declared, adding: “Above all, I continue to have an abiding faith in God to
help turn the fortunes of our nation around, accompanied by appropriate
policies, determination and hard work on our part”.
He noted: “Every policy initiative,
whether it is the free senior high school policy, Planting for Food and Jobs or
the One-District, One-Factory initiative, has been implemented with the
well-being of the Ghanaian at heart,” he said.
“I am fully aware that these are very
difficult times for us in Ghana, just as they are for most people in the world,
cold comfort as that may be,” he said.
Bank of Ghana interventions to
stabilise the cedi
1. Once disbursed, the
recently approved USD750,000,000 Afriexim loan facility by Parliament, is
expected to boost Ghana’s forex position.
2. The Cocoa Loan is
expected in the last quarter of the year. This facility will also help provide
more foreign currency to help address the cedi depreciation.
3. Gold Purchase Programme
to increase foreign exchange reserves.
4. Special Foreign
Exchange Auction for the Bulk Distribution Companies (BDCs) to help with the
importation of petroleum products.
5. Bank of Ghana is
entering into a cooperation agreement with the mining companies to provide BOG
with the opportunity to buy gold as when it becomes available.
6. The Bank of Ghana
is supporting the banking sector with foreign currency liquidity to help meet
the demand for external payments.
7. The IMF programme once
finalised, will also go a long way to help restore confidence in the economy
and drive portfolio flows. These measures will go a long way to increase the
foreign exchange reserve position of the Central Bank.
Source: Classfmonline.com