President Nana Addo Dankwa Akufo-Addo has stated that measures are being taken to stop the Cedi’s devaluation versus the US Dollar.
According to the President, he is concerned about the trend, as are the business community and ordinary Ghanaians.
For some years, the Bank of Ghana’s foreign exchange rates, particularly for the US dollar, have been notably different from those available in the foreign exchange retail market.
Some forex bureaus are selling at around GH7.
President Akufo-Addo stated last week that everything possible will be done to stabilize the Ghana Cedi.
“I’m aware of the concern in business circles and among the general public over the Cedi’s recent decline. I’m also quite disturbed and worried about it. But I want to reassure you that every effort is being taken to halt the drop and restore stability to the Cedi in order to strengthen Ghanaian industry’s competitiveness, and I believe you will see some results very soon.”