Senior Minister, Yaw Osafo Maafo, is certain the three-month streak of the Cedi's depreciation against the major trading currencies will cease before the end of March.
According to him, the current challenge of the local currency is attributable to the poor economy which the National Democratic Congress (NDC) government left behind.
Mr Maafo says policy initiatives outlined in the budget statement delivered by the Finance Minister, Ken Ofori-Atta, will stabilise the currency but it will take up to one month before the markets respond.
“The cedi depreciated because the true economic situation of Ghana came out, the economy that was a cover up. The cedi depreciated because of the economy had performed poorly by at end of December. But now the budget has put in place measures that stem that whole economy, to reduce the deficit and improve our foreign reserves. It takes about three weeks to a month for people to respond to such economic indicators”, the Senior Minister told Joy News.
He adds, however, that the value of the cedi against the dollar is not likely to return to the pre-January 2017 rate when it picks up. The local currency has depreciated by up to 6 percent since the New Patriotic Party (NPP) government took over power in January, raising concerns among business operators.
One dollar currently trades at GȻH4.61p.
Source: JFM/Ghana
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
the stability of the cedi is not enough the cedi must gain strength. the cedi should value more the the dollar because Ghana exports more than its imports. from cocoa, oil, gold, diamond, bauxite, manganese and other resources. these should be controlled by the people of this country, but it is rather being exported by the same white people who are devaluing our currency. why should we print the cedi in London? we are not even the ones in charge of the cedi. Africa must disentangle itself from this nonsenss. the white man is just afraid of the lack man hence the hostilities.
any one who says the stability of the cedi is enough is either a traitor or knows nothing about economics. the value the cedi is simply unacceptable. during the redenomination, they told us that the value the same! now, if the value is the same then it means as at now the dollar is 45000.00 against the cedi. how can we survive as a country when the exchange rate is so high? osafo marfo is being paid by the IMF to deceive us