The Bank of Ghana (BoG) has moved to assure the business community and the general public that the recent turbulence surrounding the Ghana cedi is temporary and not a sign of a looming crisis.
According to the Governor of the Bank of Ghana, Dr. Johnson Asiama, the pressure the local currency is currently facing is nothing more than a short-term “blip,” which will soon normalise due to corrective measures already being enforced.
Over the past month, the cedi has come under considerable strain against the US dollar, sparking concerns across business and financial circles. The local currency, which traded at around GHS 10.40 to a dollar earlier, has depreciated to over GHS 11 at some commercial banks, raising fears of further decline. Market watchers attributed the situation to a limited supply of dollars, with speculation growing that Ghana may be running out of foreign exchange reserves to support the currency.
SOURCE: thevaultznews.com
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