President Nana Akufo-Addo has lauded the efforts of the Bank of Ghana (BoG) in maintaining the stability of the Ghanaian cedi against the US dollar. The commendation comes as the country grapples with global economic uncertainties and fluctuating exchange rates.
In a statement released by the Office of the President, Akufo-Addo acknowledged the proactive measures taken by the BoG to safeguard the cedi’s value, thereby mitigating potential adverse effects on the Ghanaian economy. The President highlighted the importance of a stable currency in fostering economic growth, attracting foreign investment, and ensuring the well-being of citizens.
The Central Bank’s prudent monetary policies and interventions in the foreign exchange market have played a crucial role in preventing excessive depreciation of the cedi. President Akufo-Addo expressed confidence in the Bank of Ghana’s commitment to maintaining macroeconomic stability, emphasizing the positive impact on businesses, consumers, and overall economic development.
The President further noted that the stability of the cedi against major international currencies, particularly the US dollar, reflects the country’s resilience in the face of global economic challenges. Akufo-Addo commended the BoG Governor and the entire monetary policy team for their dedication and effective strategies in managing currency fluctuations.
The Bank of Ghana has employed various measures, including foreign exchange reserves management, interest rate adjustments, and monetary policy interventions, to anchor the cedi and ensure its competitiveness on the global market. These efforts have contributed to sustaining investor confidence and fostering a conducive environment for economic activities.
While acknowledging the achievements in stabilizing the currency, President Akufo-Addo urged continued collaboration between the government and the central bank to address emerging economic challenges. The statement reiterated the government’s commitment to implementing policies that support sustainable economic growth, job creation, and poverty reduction.
As Ghana navigates the complexities of the global economic landscape, the President remains optimistic about the country’s prospects and acknowledges the critical role played by the Bank of Ghana in preserving the stability of the cedi, safeguarding the interests of the people, and fostering economic resilience.
story filed by: Nana Kwaku Duah