President Nana Addo Dankwa Akufo-Addo has commended the Bank of Ghana (BoG) for its role in achieving and maintaining the cedi’s stability against the US dollar.
Speaking at an end-of-year cocktail event in Accra on Thursday, December 14, 2023, the President acknowledged the central bank’s efforts in ensuring what he termed as a sound financial system in the country.
“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 asset precious asset,” he said.
He went on to highlight the BoG’s efficiency as a currency manager, its reliability as a source and regulator of liquidity, and its role as a dependable lender of last resort to the banking sector.
“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,” he added.
The Interbank forex rates from the Bank of Ghana as of December 15, 2023, between the two currencies stood at a buying price of 11.6344 and a selling price of 11.6460.
At a Forex bureau in Accra, the dollar is being bought at a rate of 12.00 and sold at 12.25.
The Ghanaian economy has been a topical issue in recent months following a downturn occasioned by galloping inflation, a depreciating currency, and a general decline in the quality of life coupled with high cost of living.
The government has serially blamed the aftermath of COVID-19 and the Russia-Ukraine war before submitting to a US$3 billion IMF loan last year, of which US$600 million as tranche one has been credited to the government account.