The cedi will begin to stabilise by next week – Government assures
Government has assured that measures have been implemented to stabilise the fast depreciating currency.
According to the Minister of State at the Finance Ministry, Charles Adu Boahen, the cedi will begin to stabilise by next week.
This, he said is because the government “has taken steps to ensure that we can address some of the real concerns with regards to making more hard currency available for importers.”
He also mentioned that the government has entered into an agreement with mining and gas companies to sell their forex to the Bank of Ghana as means of stabilising the cedi.
This, according to the Minister of State at the Ministry of Finance, will help “support the reserve position” to honour the imports of the mining and gas companies.
Mr Adu Boahen’s assurance comes in the wake of the nation’s currency having depreciated significantly in the last six months, reaching a record high of being traded for a single dollar at ¢10.
Also, a recent currency performance ranking by Bloomberg classified the cedi as the worst-performing currency across the globe after Sri Lanka’s Rupee.
In an interaction with the media, the Chairman of the Council of State, Nana Otuo Serebuor II said the meeting was held because members of the Council are concerned about the current state of the economy.
“You know the Council of State is an advisory body to the government and naturally we are disturbed like any other Ghanaian over the state of the economy particularly the free fall of the cedi relative to other major currencies,” he explained.
Nana Otuo Serebuor II stated that the underlining causes of the cedi were highlighted and short and medium-term solutions were approved during the meeting.
In an interaction with the media, the Chairman of the Council of State, Nana Otuo Serebuor II said the meeting was held because members of the Council are concerned about the current state of the economy.
“You know the Council of State is an advisory body to the government and naturally we are disturbed like any other Ghanaian over the state of the economy particularly the free fall of the cedi relative to other major currencies,” he explained.
Nana Otuo Serebuor II stated that the underlining causes of the cedi were highlighted and short and medium-term solutions were approved during the meeting.
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