President Nana Akufo-Addo has pleaded with the business community and industry to reduce the prices of goods and services as the cedi appreciates against major international currencies.
Speaking on Sunday during the Centenary Celebration of the Ga Presbytery of the Presbyterian Church of Ghana, he said businesses and industry should support government in getting the economy back on its track.
“I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi’s recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. I believe this is not only a fair request but also a just one.”
The President attributed the appreciation of the cedi to the prudent financial decisions government has taken to get the economy going.
In the past week, the local currency has appreciated against the US dollar and other major international currencies culminating in a reduction in the prices of fuel.
A litre of petrol and diesel now sells at ¢13 and ¢16 respectively with the GPRTU announcing a 15.3 per cent reduction in transportation fares.
According to the Bank of Ghana, the local currency is currently trading at GH¢8 on the forex market.
Considering this, President Akufo-Addo said it is just fair for prices of goods and services to be reduced, especially so that Ghanaians enjoy the Christmas festivities.
He said those still shocked about the cedi’s surprise rally against the dollar and the other major currencies, should brace up for more.
President Akufo-Addo revealed that the measures which made that happen are being stepped up this week.
President Akufo-Addo also said the staff-level agreement with the International Monetary Fund (IMF) and the improvement of forex inflows from remittances among others will later yield more positive results and further stabilise the economy.
“Things are beginning to turn around, what seemed impossible yesterday is now becoming possible. Today the cedis is appreciating against the dollar and all major currencies and the prices of petroleum products are reducing at the pumps.
“The strengthening of the cedi has not happened by chance but the deliberate policies of the government in collaboration with the Bank of Ghana.”