President Nana Addo Dankwa Akufo-Addo has noted that the current depreciation of the cedi is a situation that brings him anxiety and makes him upset.
Addressing the situation for the first time last week, President Akufo-Addo said his government is making efforts to arrest the decline of the cedi and restore its stability.
“I’m aware of the anxiety there is in business circles and throughout the population about the recent depreciation of the cedi. I’m extremely upset and anxious about it too. But I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability in order to improve the competitiveness of Ghanaian industry, and I think very soon you will see some results,” the president noted.
Since the commencement of the year, Ghana’s currency has seen significant depreciation against other major foreign currencies.
As of January this year, the cedi was trading at around 6.25 for a dollar but has since increased to around 6.60 for a dollar currently.
Against the pound sterling, the cedi, which was trading around 8.43 for a pound sterling early in the year, is currently trading at 8.92 for a pound sterling.
The situation is no different from the Euro and other major currencies.
GhanaFeed.com