Bank of Ghana assures cedi will stabilise soon
Cedi depreciates by about 20% to US dollar since January – Nasdaq report
The Ghana cedi has begun to witness some level of appreciation against major trading currency, the US Dollar.
According to a Joy Business report, the currency on March 23, 2022, traded below the GH¢8 mark at some forex bureaus and commercial banks in the country.
In addition to the appreciation, the portal said the British Pound and the Euro have also experienced the same development.
The appreciation of the cedi has been attributed to the recent hike in the Monetary Policy Rate by 250 basis points to 17 percent as announced by the Bank of Ghana on Monday, March 21, 2022.
Governor of the Bank, Dr. Ernest Addison on his part has assured it is implementing interventions that will stabilise the local currency against its major trading currencies in the shortest possible time.
Meanwhile, in terms of the year-to-year date, the value of the Ghana cedi has declined by about 20 percent to the US dollar so far this year, according to a report by nasdaq.com
The fall of the local currency makes it the fastest in decades.
Finance Minister, Ken Ofori-Atta, is however expected to announce a number of measures aimed at addressing Ghana’s current economic challenges, on March 24, 2022.
The move comes after government held a crunch Cabinet meeting at the Peduase Lodge last weekend.
Some key measures set to be announced by the finance minister will entail pay cuts, government’s flagship programmes, interventions to mitigate the cedi’s depreciation among others.
The Ghana cedi is struggling against major trading currencies since the start of this year