Cedi begins appreciating against the dollar

Cedi begins appreciating against the dollar

The cedi has begun appreciating against the US dollar following a period when things looked very gloomy for the Ghana currency.

The country’s economy came under scrutiny following complaints by a section of the public on the fast depreciation of the cedi against the US dollar.

At the start of September, the currency was trading at close to cedi 5 cedis to a dollar and more than 5 cedis on the black market.

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However, checks prove that the cedi has been appreciating against the US dollar in the last two weeks.

Currently, the local currency is trading at GH¢4.7 to a dollar, which is a slight improvement to the previous hedge.

The 20 pesewes appreciation of the cedi comes as a huge relief for businessmen and woman who previously called on the government to do something about the fast depreciation of the currency.

This comes after the Vice President Dr. Mahamudu Bawumia maintained that the cedi is currently performing better than it ever has in the last eight years.

In September when he spoke at the launch of the National School Entrepreneurship Initiative in the Northern Region, the Vice President said the fundamentals of the economy are getting stronger due to the slower rate of depreciation under the Nana Addo government.

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He, therefore, defended government’s handling of the cedi, saying the currency recorded 17.5% in 2012, 14.6% in 2013, 31.3% in 2014, 15.6% in 2015, 9.6% in 2016 and just 4.9% in 2017.

The Vice President explained back then that the cedi is not the only currency struggling against the US dollar, referring to the Argentina Peso, which has depreciated by 50.2% and the Turkish Lira which has also lost 42% of its value.

Government has put in place measures to transform the economy to provide good climates for the growth of businesses, especially in the private sector. Such measures include the cancellation of some 15 taxes, which has significantly boosted trade and businesses in the country, especially importations. For the first time in the history of Ghana, GDP growths have seen an increase in non-oil products,” Dr. Bawumia said.

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Source: Yen

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