President-elect John Dramani Mahama has reaffirmed his desire to address the depreciating cedi as a springboard for his administration’s economic agenda.
As Ghana prepares for a smooth power transfer, Mr. Mahama has outlined plans to address the pressing economic challenges affecting daily lives.
Mr Mahama acknowledged the hardships caused by inflation and the persistent depreciation of the cedi, which have eroded purchasing power and increased the cost of living.
He pledged to adopt robust policies aimed at fostering economic growth, curbing inflation, and restoring stability to the national currency.
In a recent meeting with the Algerian Ambassador to Ghana, Mourad Louhaidia, who visited to extend his congratulations, Mr Mahama elaborated on his vision for Ghana’s economic recovery.
“We are focused on reviving Ghana’s economy, stabilising the cedi, and reducing inflation. This is a critical moment for Ghana to strengthen ties with key international partners, including China,” Mr. Mahama stated.
Strengthening Ghana’s international relations will be central to these efforts, with a particular emphasis on technical and economic cooperation with China.
Mr Mahama announced plans to expedite discussions with China, highlighting the importance of mobilising resources and expertise to tackle Ghana’s economic challenges.
Looking forward, Mahama assured Ghanaians that his administration would prioritise transparency and collaboration to implement sustainable reforms.
“Our goal is to create an economic environment that works for every Ghanaian,” he affirmed.
With a clear plan to stabilise the cedi and rebuild the economy, Mahama’s administration is preparing to take decisive action in the coming months, aiming to restore confidence and drive progress for the nation.
The cedi is trading at ₵15.28 to the dollar at the forex market but ₵14.72 at the interbank market rate.
Fri 13 Dec, 2024 • 10:00 AM
💵 1 USD = ₵15.28 🔽
💷 1 GBP = ₵19.34 🔽
💶 1 EUR = ₵16.03 🔽Find bank & forex bureau rates in this thread! 🧵
— CediRates (@CediRates) December 13, 2024
— Bank of Ghana (@thebankofghana) December 13, 2024
As of 2024, the Ghanaian cedi has depreciated by 29% year-to-date, reflecting ongoing challenges in stabilising the local currency.