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Ernest Owusu Bempah, a Deputy Director of Communications for the ruling New Patriotic Party (NPP) has asked Ghanaians to have confidence in President Nana Addo Dankwa Akufo-Addo to resolve the continuous fall of the Ghana Cedi against the US Dollar.

Ernest Owusu Bempah said the NPP has the track record of instituting prudent measures to strengthen the local currency and the economy in general.

In a statement, he indicated that the issues affecting the Cedi and the economy are global matters affecting almost every country presently as a result of the ongoing Russia-Ukraine war.

"Ghana is not alone in this struggle," he stressed.

He indicated that just like Ghana, the United States of America is also experiencing high prices of goods and services due to the war in Ukraine.

US President Joe Biden recently blamed Russia’s invasion of Ukraine for domestic price hikes and global food supply shortages, praising American farmers for being the “breadbasket of democracy” amid the war.

“America is fighting on two fronts,” Joe Biden said during a speech in a barn in Kankakee, Illinois.

Ernest Owusu Bempah said these happenings in the US and several other countries show that the situation is not peculiar to Ghana alone.

“Ghanaians should have confidence in President Nana Addo Dankwa Akufo-Addo and the New Patriotic Party (NPP) to restore the Cedi because we have done it before in the past.

“The NPP is the only party that has the track record of developing the economy and strengthening the Cedi. The economy was doing well prior to Covid and the Russia Ukraine war,” portions of his statement said.

President Akufo-Addo has also said the difficult situation Ghanaians are saddled with presently will be over soon.

He appealed to the people of Ghana to have faith in him to tackle the challenges facing the country.

“I know the challenges Ghanaians are facing, I appeal to you to have faith in me to solve the challenges, this too shall pass,” he said at the St Mark Anglican Church at Kyebi in the Eastern Region as part of his three-day tour of the region on Sunday October 23.  

As part of measures to deal with the challanges, Information Minister Kojo Oppong Nkrumah has announced that the Governor of the Bank of Ghana (BoG), Dr Ernest Addison will be meeting Managing Directors of Banks and some forex bureaux.

This is also part of efforts to halt overpricing.

Mr Oppong Nkrumah said these at a press conference on Monday October 24.

“The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters,” he said.

He added, “we will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan."

“The Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward.”