{"id":246048,"date":"2016-09-06T08:52:37","date_gmt":"2016-09-06T08:52:37","guid":{"rendered":"http:\/\/citifmonline.com\/?p=246048"},"modified":"2016-09-06T08:52:37","modified_gmt":"2016-09-06T08:52:37","slug":"analysts-allay-cedi-depreciation-fears-over-increased-dollar-demand","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/09\/analysts-allay-cedi-depreciation-fears-over-increased-dollar-demand\/","title":{"rendered":"Analysts allay cedi depreciation fears over increased dollar demand"},"content":{"rendered":"
Some currency analysts have downplayed a significant depreciation of the cedi, against major trading currencies anytime soon, due to an increase in corporate dollar demand.<\/p>\n
[contextly_sidebar id=”K8gEQpkeH4NfVn2rLPbVYbM0IxTotCvz”]One of such is the General Manager of Treasury at HFC Bank, Joseph Nketsia.<\/p>\n
He tells Citi Business News<\/strong>, the coming on board of the cocoa syndicated loan by the Ghana COCOBOD should increase supply of dollars to meet the high demand.<\/p>\n \u201cThe increase in the supply of the dollars as a result of COCOBOD syndicated loan will help meet the increased demand. As a result we do not expect the cedi to depreciate steeply due to the increased demand,\u201d Joseph Nketsia stated.<\/p>\n There have been growing concerns that the cedi which is trading at 3 cedis 95 pesewas and 4 cedis on the interbank market and across forex bureaus respectively, could depreciate further if measures are not put in place to shore up supply.<\/p>\n