Ghanaian News

Akufo-Addo to BoG: You’ve distinguished yourself in efficiently stabilising cedi

The Bank of Ghana (BoG) has distinguished itself in stabilising the cedi despite the recent economic challenge, President Akufo-Addo has said.

Speaking at an end of year cocktail in Accra on Thursday (14 December), Akufo-Addo commended the bank for ensuring a sound financial system 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 asset precious asset.

“It has been an efficient currency manager, a reliable sources and regulator of liquidity and above all a dependable lender of last resort to the banking sector,” the president said.

The cedi has stabilised against the US dollar since early 2023 with a year-to-date cumulative depreciation of 25.7% compared to 54% over the same period in 2022.

It has only depreciated by 6.4% 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.

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