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 nation’s asset precious assets.
“It has been an efficient currency manager, a reliable source 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.
Source: Asaase News
