President Nana Addo Dankwa Akufo-Addo has urged the business community to lower the cost of products and services as the cedi strengthens.
The Ghana cedi has gained tremendous strength versus the US dollar in the last week, while fuel costs have also decreased significantly.
The local currency is presently trading at GH8 on the interbank market, according to the Bank of Ghana, with a litre of petrol and diesel selling for GH13 and GH16, respectively.
In light of this, President Akufo-Addo believes it is only fair for prices of products and services to be decreased, given the cedi's recent advances.
"I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi's recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. This, I feel, is not only a reasonable but also a right request."
President Akufo-Addo was addressing at the Centenary Celebration of the Ga Presbytery of the Presbyterian Church of Ghana, where he urged Ghanaians to back his government's efforts to revitalize the economy.
He credited the cedi's rise versus the dollar to the government's cautious financial policies to rebuild the economy.
Nana Akufo-Addo further stated that the staff-level agreement with the International Monetary Fund (IMF), as well as an increase in currency inflows from remittances, will generate more good outcomes and further stabilize the economy.
"Things are starting to turn around; what seemed unthinkable yesterday is now becoming feasible. Today, the cedi is rising against the dollar and other major currencies, and the price of petroleum goods is falling at the pump. "The strengthening of the cedi is the result of intentional measures implemented by the government in partnership with the Bank of Ghana."