Akufo-Addo
The Bank of Ghana (BoG) has distinguished itself in stabilising the cedi despite the recent economic challenges, President Akufo-Addo has said.
The cedi has stabilised against the US dollar since early 2023 with a year-to-date cumulative depreciation of 25.7 per cent compared to 54.1 per cent over the same period in 2022.
Specifically, the cedi has only depreciated by 6.4 per cent on a cumulative basis since February 2023 compared to 53.9 per cent over the same period in 2022.
Currently, the local currency is trading at GHC 12.11 on average to one American greenback in the retail market.
Speaking at an end of year cocktail in Accra on Thursday (14 December), Akufo-Addo commended the bank for ensuring a sound financial sector in Ghana.
“The Bank of Ghana has distinguished itself to the admiration of all well meaning persons. It has proven to be a sound banker to the government and a safe custodian of the nations precious assets.”
“It has been an efficient currency manager, a reliable source and regulator of liquidity and above all a dependable lender of last resort to the banking sector,” Akufo-Addo said.
Listen to Akufo-Addo in the attached audio clip below:
Listen to the full speech in the attached video clip below:
https://youtu.be/F6tztK48Z2A
Reporting by Fred Dzakpata in Accra
