President Nana Addo Dankwa Akufo-Addo has broken his silence on the fast depreciation of the cedi against major international trading currencies, stating he is upset about it but efforts are being made to stabilise it.
Speaking at the commissioning of Fujian Sentuo ceramic tile factory at Kpone Katamanso, Nana Akufo-Addo said government is doing everything possible within its power to ensure that the economy is stablised enough to allow businesses thrive.
“I am aware of the anxiety there is in business circles and through the population about the recent depreciation of the cedi,” he stated, adding “I am extremely upset and anxious about it too”.
There have been many complaints from business owners and Ghanaians over the rate at which the cedi has depreciated over the past year. Currently, the cedi stands at GHȻ5.53 against a dollar.
Between January last year and the same period this year, the cedi has depreciated by 11 percent against the US dollar.
This has forced some people to question the Bank of Ghana and responsible agencies about what they have been doing to ensure that the cedi is stabilised.
The Minority in parliament fear the situation could be worse in the coming months, predicting the dollar-cedi rate could hit 5.6 cedis before the end of this year.
Also, many critics have wondered why vice president Mahamudu Bawumia who prior to the 2016 elections held lectures to basterdise the then government for its inability to stabilise the cedi, has kept quiet on the recent depreciation of the cedi.
But the President has assured Ghanaians “all efforts are being made to arrest the decline and restore the cedi to stability in order to improve the competitiveness of Ghanaian industry”.
The government intervention, Nana Akufo Addo, said will begin yielding results in the shortest possible time, saying “very soon you will be seeing the result of our policy.
By Irene Amesimeku|3news.com|Ghana