The President admitted that the declining rate of the cedi is upsetting and insists he is anxious to overturn the situation.

The United States (US) dollar is currently selling at between GH¢5.00 and GH¢5.30. 

However, some currency dealers are trading the local currency at GH¢5.30 and GH¢5.55 for a dollar.

This has led to importers expressing worry over the depreciation of the cedi against foreign currencies like the US dollar and the pound.

President Akufo-Addo
President Akufo-Addo

The Vice President, Dr. Mahamudu Bawumia, has also come in for strong criticism for not being able to salvage the situation so far.

But speaking on the depreciating cedi, President Akufo-Addo said his government is working hard to restore the local currency to stability.

“I am extremely upset and anxious about it too, but I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability, in order to improve the competitiveness of Ghanaian industry. Very soon, we will be seeing the results of our policy,” Nana Addo said.

The President was speaking after commissioning the Fujian Sentuo Ceramics Company in Kpone, in the Greater Accra Region, under the One-District-One-Factory initiative.

The ceramic tile manufacturing company was commissioned on Wednesday, 27th February, 2018.