President Nana Addo Dankwa Akuffo-Addo has appealed to business owners to reduce their prices to meet the current cedi appreciation to alleviate the financial strains on citizens.
President Akufo-Addo urged Ghanaians to help his government in restoring the economy while addressing the congregation at the Centenary Celebration of the Ga Presbytery of the Presbyterian Church of Ghana.
The Ghana cedi has significantly strengthened over the previous week against the US dollar, and fuel prices have also significantly decreased. The local currency is presently trading at GH8 on the interbank market, while a litre of petrol and diesel costs GH13 and GH16, respectively, according to the Bank of Ghana.
According to the President, given these circumstances and the gains the cedi is experiencing, it is only reasonable that prices for goods and services be reduced.
“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.”
He credited the cedi’s rise against the dollar to the government’s wise financial decisions made to boost the economy.
He further added that the staff-level agreement with the International Monetary Fund (IMF), as well as the enhancement of forex inflows through remittances, among other things, would later produce more favorable results and further stabilize the economy.
“Things are beginning to turn around, what seemed impossible yesterday is now becoming possible. Today the cedis is appreciating against the dollar and all major currencies and the prices of petroleum products are reducing at the pumps.
“The strengthening of the cedi has not happened by chance but the deliberate policies of the government in collaboration with the Bank of Ghana”, Nana Akufo-Addo stated.
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