A journalist, Nana Ama Agyemang Asante has shed light on the seemingly volatile nature of the stability of the cedi, as against the world’s major trading currencies.
In a report carried by Citinewsroom.com, she indicated that the cedi has been falling against major trading currencies such as the dollar since February 2019. As of March 15, 2019, she went on, it had depreciated by 8.4% against the dollar.
Asante goes on to reveal that a $750 million Standard Bank Bridge loan facility halted the decline, and the currency hasn’t recovered fully.
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However, she indicated that it looks like the fast depreciation that made Ghanaians anxious has stopped for now.
Barely a day after the cedi made some gains, the government announced an Economic Management Team town hall meeting under the theme, “Our progress, our status, our future.” The vice president, Dr. Mahamudu Bawumia, will be the keynote speaker at this meeting.
The only scenario under which it will be appropriate for the vice president to give a speech about the economy, Asante says, is if Dr. Bawumia will be apologising for the government’s spectacular underperformance.
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