Akufo-Addo Justifies Cedi Rise

President Akufo-Addo (2nd left), responding to cheers from the crowd. With him are Rt. Rev. Prof. Obiri Yeboah Mante (right), Moderator of the General Assembly of Presbyterian Church, Ghana, Rt. Dr. Godwin Nii Noi Odonkor (left) Clark of the General Assembly and Rev. Dr. Abraham Nana Opare Kwakye (2nd right), Ga Presbytery Chairperson after cutting the anniversary cake.

PRESIDENT AKUFO-Addo has revealed why the cedi has suddenly gained strength against the world’s major trading currencies, especially the United States dollar.

According to him, “the strengthening of the cedi has not happened by chance, but through the implementation of deliberate policies by Government, in collaboration with the Bank of Ghana.”

These measures, he said, 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.”

This was when he delivered an address at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana held at the Black Star Square, Accra yesterday.

Addressing the congregation, which included the Moderator of the Presbyterian Church of Ghana, Rev. Prof. Joseph Obiri Yeboah Mante, the President indicated that with appropriate policy, determination and hard work on the part of government, things are beginning to turn around.

Even though he acknowledged the fact that the country is not completely out of the woods, he assured that government will continue to work hard to maintain and sustain the gains made.

“Indeed, in the weeks ahead, the Bank of Ghana will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the market; continue with the single, unified forex forward auction and some modest targeted bilateral support to critical imports; and the implementation of the gold for oil swap transaction, which will significantly remove forex pressures on the cedi,” the President said.

He has since added his voice to appeals by GUTA, GRTCC and others to manufacturers, traders and transport operators who at the height of the cedi’s recent depreciation, increased prices of goods and services, to reduce their prices now that the cedi is regaining much of its strength.

“I believe this is not only a fair request, but also a just one, and I urge all of you to join me in this clarion call, so we can all have a more pleasant Christmas,” he added.

He could not help thanking the Presbyterian Church of Ghana for the support it continues to give for the construction of the National Cathedral.

Upon completion, the President said the National Cathedral will serve not only as the country’s collective thanksgiving “to the Almighty for the blessings He has bestowed on our nation, sparing us the ravages of civil war that have bedevilled the histories of virtually all our neighbours, and the outbreak of deadly mass epidemics, but also as a rallying point for the entire Christian Community of Ghana, which represents seventy plus per cent (70+%) of the population.”

He, therefore, asked the Ga Presbytery, and, indeed, all Christians, to continue to pray for Ghana’s peace and unity, so the nation can move forward in unity.

“I need the support of every Ghanaian, together with the prayers of the Church, to help me and my government carry out our mandate successfully. Pray for me so that Almighty God will continue to give me wisdom, strength, courage and compassion to enable me execute my duties as a good leader. With Him, all things are possible, as the Battle is the Lord’s!! For this too shall pass!!,” President Akufo-Addo said.

BY Charles Takyi-Boadu