Currency analysts are predicting that the cedi’s relative stability will continue till the end of the first half of the year.
[contextly_sidebar id=”bAUl8zuNWPfiwux4Xh5Mcj6DdqcWpzzG”]Ghana’s currency has for the first quarter of this year performed relatively better as it has depreciated by only one percent compared to the 14 and 11 percent it recorded in the first quarter of 2014 and 2015 respectively.
A lot of reasons have been attributed to the development including the use by the Chinese Yuan by business operators why ply the china route as well as less demand for the dollar by business operators and an increased supply of foreign currency enough to meet demand.
Though some analysts have cast doubt at the cedi’s stability especially in an election year, currency analyst, Samuel Ampah is optimistic the cedi will stay within the 3 cedis 80 pesewas margin for the greater part of the year.
“The trend has been that the first quarter is the period that the cedi gets a lot of volatility but if we have been able to maintain that volatility for the first quarter. The second quarter moving into the third quarter, we will have some marginal depreciation. I am sure it will get to a time where we will get some appreciation. I think that by midyear, the cedi will be hovering around 3 cedis 80 pesewas and 3 cedis 90 pesewas.” Samuel Ampah stated.
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana