President Nana Addo has asked Ghana’s manufacturers, traders, and transport owners to lower their prices as the Cedi stabilizes.
There is some jubilation on the streets as the Ghana Cedi spikes over the dollar.
The central bank’s interbank exchange rates declared on Friday, October 16, 2022, showed the Ghana cedi continuing its steady appreciation on the forex market, selling for less than GH10 to the dollar.
President Akufo-Addo says due to the recent rise of the cedi against the dollar, it must mirror the prices of goods and services.
“I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi’s recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. I believe this is not only a fair request but also a just one.”
In the meantime, Akufo-Addo has stated that the cedi’s rise against all major trading currencies is the result of deliberate government initiatives implemented by the government in recent months.
According to President Akufo-Addo, “the strengthening of the cedi has not happened by chance, but through the implementation of deliberate policy collaboration with the Bank of Ghana.”
