President Nana Addo Dankwa Akufo-Addo, in a recent address at an end-of-year cocktail event in Accra on Thursday, December 14, 2023, expressed deep appreciation for the pivotal role played by the Bank of Ghana (BoG) in upholding and safeguarding the stability of the cedi against the US dollar.
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During the event, the President hailed the central bank's unwavering dedication to ensuring a robust and sound financial system within the country. He emphasized, "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 precious assets," as reported by asaaseradio.com.
Recognizing the Bank of Ghana's Multi-Faceted Efficiency
President Akufo-Addo further highlighted the Bank of Ghana's multi-faceted efficiency, citing its prowess as an effective currency manager, reliable source and regulator of liquidity, and a dependable lender of last resort to the banking sector. He specifically remarked, "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."
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Currency Performance and Economic Landscape
As of December 15, 2023, the interbank forex rates from the Bank of Ghana between the cedi and the US dollar were noted at a buying price of 11.6344 and a selling price of 11.6460. Additionally, at a Forex bureau in Accra, the dollar was being bought at a rate of 12.00 and sold at 12.25.
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Economic Challenges and Remedial Actions
The Ghanaian economy has been grappling with significant challenges in recent months, including soaring inflation, currency depreciation, and a decline in overall quality of life accompanied by a heightened cost of living. The aftermath of COVID-19 and the Russia-Ukraine conflict have been consistently cited as contributing factors to these economic trials. Following these challenges, the government chose to seek respite through a US$3 billion IMF loan last year, with an initial tranche of US$600 million credited to the government account.
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