Home / Politics / If government can be blamed for cedi depreciation, why can’t this same government be credited for the appreciation of the cedi? – NPP

If government can be blamed for cedi depreciation, why can’t this same government be credited for the appreciation of the cedi? – NPP

 

The New Patriotic Party has called on Ghanaians to commend President Nana Addo-Dankwa Akufo-Addo and his government for taking steps to address the challenges that confronted the economy.

The country over the past six months has recorded deteriorating economic indicators with inflation hitting 50.3% and a depreciating cedi that has increased the cost of living.

The cedi has, however, miraculously appreciated against the dollar bringing it close to GH¢10 to 1 dollar.

The cedi was hovering around 15 cedis barely a month ago.

The General Secretary of the NPP, Justin Frimpong Kodua at a press conference on Wednesday, December 21, 2022, assured that the steps being taken by the government will continue to yield positive results to lessen the burden on Ghanaians.

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“So we ask, if the government can be blamed for the cedi depreciation, why can’t this same government be credited for the appreciation of the cedi? We also find it gratifying that owing to the massive appreciation of the cedi, prices of petroleum products at the pump have reduced resulting in a 15.3 reduction in transport fares.

“I must admit that these developments may not entirely address the prevailing socio-economic conditions in the country, we do believe strongly that they may offer a sigh of relief for Ghanaians as we approach the festive season, and we must praise this government.”

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The NPP also beseeched traders and manufacturers to reduce the prices of their goods to lessen the burden on Ghanaians.

“We appeal to all manufacturers and traders to also reduce prices of commodities to conform to this reality…kindly reduce the prices of your products.”

The government last week secured a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion extended credit facility to help revive the economy.

The government as part of measures to rescue the ailing economy has also announced a debt exchange programme for domestic bondholders and a suspension of payments for external bondholders.

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The IMF has said a comprehensive debt restructuring is a condition of its support.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: CNR

 

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