COVID-19: The cedi would remain stable despite 2.4% depreciation - BoG
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COVID-19: The cedi would remain stable despite 2.4% depreciation - BoG

- The cedi would remain stable despite a 2.4% depreciation, the Bank of Ghana has predicted

- The prediction comes in the wake of the effects of COVID-19 on the local currency

- The Bank of Ghana believes the availability of dollars has contributed to the depreciation of the cedi

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The Bank of Ghana (BoG) has predicted the cedi would remain stable despite a 2.4% depreciation.

The assertion comes amidst the outbreak of COVID-19 and its effect on the local currency.

YEN.com.gh understands that the cedi began losing its hold on the dollar after it earlier appreciated against the currency in the first quarter of 2020.

READ ALSO: It is illegal to sell goods and services in foreign currencies - Bank of Ghana

By April 30, 2020, the cedi had depreciated by 1.21% against the dollar. It registered a 1.55% depreciation by May ending and a 2.38% depreciation by June 29, 2020.

Per a report by thebftonline.com, the Governor of the Bank of Ghana, Dr. Ernest Addison, noted that the cedi reflects the domestic economy as well as developments in the global economy.

According to him, a look at events worldwide shows the exit of capital from jurisdictions into advanced economies.

This, he stated, leads to depreciation due to the impact on the availability of dollars in Ghana.

In other news, a report from the Bank of Ghana (BoG) shows that Ghana’s debt stock increased by GHC16.9 billion in 2020 Q1.

The 2020 Quarter 1 results were part of a Summary of Economic and Financial Data released by the Central Bank.

The Report shows that Ghana's total debt stock as of March 2020 was GHC236.1 billion, which is 59.3% of the Gross Domestic Product (GDP).

READ ALSO: NBSSI issues warning after paying applicants via MoMo accounts

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Source: Yen

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