Despite the impressive recovery of the Ghana cedi in recent times there are still fears the cedi will go back to its losing ways due to the central bank’s approach in dealing with its recovery.
[contextly_sidebar id=”te7kyXtn9SRqmeAemhjkiWr27snXXk7C”]Some economist and financial analysts have predicted more difficult times for the currency, especially in the last quarter of the year, where multinational companies repatriate profits to their parent companies outside the country, and also as importation increases to meet demand during the festive season.
Some stakeholders have predicted the cedi will close the year at between 5 and 6 cedis to a dollar.
However, the Chief Executive Officer of UT Bank and the President of UT Holdings Prince Kofi Amoabeng has rejected those predictions.
Prince Kofi Amoabeng believes the central bank will put in the right measures to prevent further depreciation of the currency.
“I think knowing the expected inflows from the Eurobond, the cocoa syndication and grants from donor partners which means that the cedi is likely to be a bit stable getting to the end of the year.
The official rate is around four but I think the governor of the central bank is aware of the effect of the fall in the cedi and they would take measures to stem the rapid fall of our cedi.
The cedi shouldn’t be more than five by the end of this year I think.”
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By: Norvan Acquah – Hayford/citifmonline.com/Ghana