The president, Nana Addo Danquah Akufo confronted the Ghana Road And Transport Coordinating Council (GRTCC) to consider the Cedi timely appreciation to reduce prices of transpiration fare all across the nation. The president in his speech talked about the need to reduce the transportation costs of various urban and rural areas.
He then said as the cedi keeps gaining its value against the dollar, it is advisable for Ghana Union of Traders Association(GUTA) to reduce the prices of goods and services to its normal state to help stabilize the economy as well as the local currency.
Again, the president urge Ghanaian to all put hands on deck, support him and stabilize the economy in other to enjoy the Christmas happily. The president speech had on 18th December, 2022 gives the deliberate assurance for almost equalizing the weight of the cedi as to the dollar.
The president delivered his speech at the centenary celebration of the Ga Presbyterian Church of Ghana located at the Black Stars Square, Accra. The Reverend minister, Joseph Obiri Yeboah Mante admitted after the presidents speech and assured the congregation that base on the government speech and also per the measures put in place, the economy will start to regain its strength.
The president behalf of the Ghana Road And Transport Council announce to the general public that from Monday 19TH December, 2022 that prices of lorry fare will be reduce by 15.3%. He kept explaining the efforts putted in place to achieved this target. The president said that the recovering of the cedi’s value has not been easy though but base on some strategic planning with the help of Bank of Ghana, they have come to this far.
The President Explained How The Cedi In Related To The Economy Scrambled
Fortunately from the month of September, the dollar rate began to increase rapidly to the extend that the value of the Cedi was not abled to be compared with by applying all the country’s financial and regulatory supports. The financial minister behalf of Bank of Ghana announced to the general public about the sudden fall of the Cedi against the Dollar.
He then stated that it happened as a results of the Pandemic disease (Covid-19) and also the misunderstanding between Ukraine and Russia which resulted in a severe fight in the year 2022. Things totally felt apart when Cedi fell for about 54% against the dollar rate. Whilst one dollar ($1) was like Cedi 15gh.
According to Bank of Ghana, they have a good news for Ghanaians as to say that the one Dollar ($1) is currently at Cedi 8.0055gh from Thursday, kept unstable and now being bought for Cedi 7.9975gh
These Are The Announced Procedures That The Government Utilizes To Appreciate The Cedi
An International Monetary Fund (IMF) team led by Mr. Stephen Roudet, commissioner in Ghana visited Accra during December 1st to 13th, 2022 to discuss with the Financial Authorities about their fund support policy and reform plans.
After the meeting, Mr. Stephen Roudet made a statement that ” i am pleased to announce that the IMF team reached a staff level agreement with the Ghanaian authorities on a three year program supported by an arrangement under the extended credit facility in the amount of SDR 2.242 billion or about US$3 billion”.
He the concluded that the key reforms aim to ensure the sustainability of public finances whilst protecting the vulnerable. The fiscal policy lies on board to measure and increase domestic resource mobility and utilization.