President Nana Akufo-Addo says the government is doing all it can to halt the free fall of the Cedi, which has depreciated against the dollar from GHc 4.9 to over GHc 5 in the last two months.
Speaking at the commissioning of a factory at Kpone on Wednesday, he said: “I’m aware of the anxiety in business circles and the population about the recent depreciation of the Cedi. I am extremely upset and anxious about it too.”
“I want to assure 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 added.
The performance of the cedi against major trading currencies is always a major concern in Ghana.
In response to the recent concerns of the strength of the Cedi, the Bank of Ghana turned its attention to the forex market.
It issued directives on how participants in the forex market must conduct their businesses to stabilise the cedi and improve information flow.
The directives were categorized under areas such as ethics, fairness and integrity; general dealings principles and market conduct, as well as risk management compliance among others.
Meanwhile, the government has maintained that other economic fundamentals are strong irrespective of the fast depreciation of the cedi.
In an interview with Accra-based Citi FM, which was monitored by Ghanatalksbusiness.com, the Director of Treasury at the Bank of Ghana, Steven Opata, said of this: “If you look at the fiscal situation, it has improved significantly, if you look at the trade account, it’s been very solid. The current account has also been improving. The fundamentals are solid.”