President Akufo-Addo has called on traders and other industry players to reduce the prices of goods and services.

Speaking on Sunday during the Centenary Celebration of the Ga Presbytery of the Presbyterian Church of Ghana, the President asserted that adjusting prices of commodities is the best way to alleviate the already burned citizens as the cedi regains its strength against major international currencies.

“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.”

In recent times, the two main drivers of the economy (the local currency and fuel prices) have seen tremendous adjustments in prices.

The Ghana cedi is currently trading at GH¢8 on the forex market, according to the Bank of Ghana.

It will be recalled that the Ghana cedi, which lost 45.1% of its value against the US dollar this year, was tagged by Bloomberg as the worst-performing currency in the world on October 17, 2022.

In a turn of event, the Ghana cedi witnessing an overwhelming appreciation in value against the dollar has been adjudged as the best performing currency against the US dollar by Bloomberg.

Also, a litre of petrol and diesel now sells at ¢13 and ¢16 respectively.

Commenting on the cedi appreciation, Akufo-Addo noted that the local currency is performing so well due to prudent financial decisions his government has implemented to salvage Ghana's 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,” President Akufo-Addo stated.

Source: The Indepndent Ghana