The New Patriotic Party (NPP) has told Ghanaians that the government led by President Nana Addo Dankwa Akufo-Addo is tirelessly working to address residents' concerns. According to Richard Ahiagbah, the party's director of communications, the administration is making a difficult decision to rebuild the economy for the sake of all Ghanaians.
In a tweet, he stated: "The NDC's strategy is to distribute incorrect information about economic data. However, this does not excuse their lack of policy proposals. The NPP is taking the tough steps necessary to rebuild the economy for the benefit of all Ghanaians.
According to Finance Minister Ken Ofori-Atta, however, the Bank of Ghana's efforts to halt the cedi's depreciation are bearing results. In a press briefing on September 28, 2022, he said that the central bank has taken additional measures, including a Special Foreign Exchange Auction for Bulk Distribution Companies and a Gold Purchase Program, to halt the cedi's decline. "In August 2022, the Ministry successfully secured a US$750 million Afreximbank credit facility as part of measures to build our reserves, promote currency rate stability, and meet some finance needs," he stated.
Since July of this year, the value of the cedi relative to the US dollar has decreased by more than 20 percent. Earlier, President Nana Addo Dankwa Akufo-Addo assured Ghanaians that his administration is determined to provide relief to the Ghanaian people and return the economy to the high growth rates that characterized its management in the three (3) years preceding the 2020 COVID-19 outbreak.
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