CAR DEALERS, HOME OWNERS ARE NOW PRICING IN CEDIS, THAT’S A GOOD SIGN – Mahama

President John Dramani Mahama has declared that a significant level of respect has returned to the Ghanaian Cedi, citing a notable shift in how businesses now price goods and services in the local currency instead of the US Dollar.

Speaking at the Cedi at 60 International Currency Conference in Accra on Tuesday, November 18, President Mahama shared an anecdote to illustrate this positive trend. He revealed that a relative seeking to buy a car was given an invoice quoted entirely in Cedis, a stark contrast to common practice just a few years ago.

“A few years ago, if you were going to buy a car, the invoice they would give you was quoted in dollars. Today, people are quoting in Cedis, even house rents; if you want to pay in dollars, they say pay in Cedis,” the President stated.

He attributed this renewed confidence to the effective management of the currency by the Bank of Ghana (BoG) and the Ministry of Finance. “I think that a lot of respect has returned to our currency, and it is my hope that you will keep doing whatever you are doing,” he added, commending the central bank’s efforts to control excess liquidity.

Echoing the President’s sentiments, the Governor of the Bank of Ghana, Dr. Johnson Asiama, emphasized that protecting the Cedi is a collective national responsibility. “Protecting the Cedi is not the task of any one’s institution; it is a shared endeavouring, endeavouring that is rooted in our belief in Ghana’s future,” Dr. Asiama stated during the same conference.

The observations point to a strengthening of the local currency and a restoration of faith in its value for major financial transactions, a key goal for the nation’s economic managers.

Source:NKONKONSA.com