Cedi: We are set for another historic feat – Annoh Dompreh
Member of Parliament for Nsawam-Adoagyiri Frank Annoh-Dompreh has expressed optimism that the Cedi will gain further against the Dollar in the coming days.
He said Ghana is going to witness a historic feat over the strength the of the Cedi.
“The Cedi has gained 61% of its value against the $… We are set for another historic feat! Yes, we can Ghana,” he tweeted.
The Cedi has gained 61% of its value against the $…
We are set for another historic feat!
Yes,we can Ghana 🇬🇭
— Hon. Frank Annoh-Dompreh (@FAnnohDompreh) December 25, 2022
President Nana Addo Dankwa Akufo-Addo recently indicated that the government will continue with the implementation of the programmes that have resulted in the strengthening of the Cedi and other economic indicators.
The Cedi at a point depreciated against dollar to trade at 1$ to ¢13.70 on Tuesday December 6, 2022 but has been gaining strength against the major trading currencies particularly, the Dollar.
Per the Bank of Ghana (BoG) rate, the Cedi, as of Thursday December 22, was buying at GHS8.2959 to a Dollar and and selling at GHS8.3042 to a Dollar.
Bank of Ghana Exchange Rates pic.twitter.com/DZawB2pWnx
— Bank of Ghana (@thebankofghana) December 23, 2022
Speaking at the centenary celebration of the Ga presbytery of the Presbyterian Church of Ghana in Accra on Sunday December 18, he said “At the height of our challenges there were some who doubted the capabilities of my government and I to return our nation back onto the path of progress and and prosperity and lift us out of our current problems.
“In those dark moments, my fellow Ghanaians and and congregation, I could only recount the words of the St Matthew chapter 19 vrs 26 which states ‘But Jesus looked at them and said to them, with men this is impossible but with God all things are possible.”
He added “With the appropriate policy, determination and hard work on our part things are beginning to turn around. What seemed impossible yesterday is now becoming possible. We are definitely not yet out of the woods. However, today, the Cedi is rapidly appreciating against the US Dollar and all major currencies, making up for its losses and the prices of petroleum products are reducing at the pump.
“The strengthening of the Cedi has not happened by chance but through the implementation of deliberate policies by government in collaboration with the Bank of Ghana.
“These include Cedi liquidity tightening measures resulting in the offloading of forex as stalled value by speculators, the improvement of forex inflows from remittances and the mining sector and the reaching of the staff level agreement with the IMF for a 3 billion US Dollar package. All these have combined to bring the Cedi to this position and I can assure you that government will continue to work hard to maintain and sustain the gains made.
“Indeed, in the weeks ahead, the BoG will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the markets, continue with single unified forex forward auction and some modest targeted bilateral support to critical import.”
By Laud Nartey
