A leading member of the ruling New Patriotic Party (NPP), Gabby Asare Otchere-Darko, says the recent performance of the cedi has been remarkable.
The former Executive Director of the Danquah Institute took to social media to revel in the local currency’s revival.
The Ghana cedi has been depreciating at a fast rate since the last quarter of 2018 and continued into the first quarter of 2019.
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The cedi went past the ¢5 mark to a dollar after hitting a record low in terms of depreciation.
As of March 13, 2019 the cedi had declined to 5.55 per dollar, which was its weakest level since Bloomberg started keeping the records in 1994.
This led to criticisms from a section of the public, with the business community leading the charge.
However, the local currency has been appreciating since last week and went up marginally to 5.049 per dollar on March 24, 2019.
This was after the government injected a $750 million Standard Bank bridge facility and also launched a $3 billion Eurobond to stop the cedi from depreciating further.
Reacting to this, Gabby Asare Otchere-Darko said the cedi’s performance has been remarkable.
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In a Facebook post, the private legal practitioner said he hopes the current appreciation of the cedi continues.
“The cedi recovery has been remarkable. May the good news continue,” Gabby posted.
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