- The Bank of Ghana will soon deal with the depreciation of the cedi by building reserves of up to GHc300 million
- It is hoped that the decision will help stabilise the cedi and prevent a free fall
- The cedi is currently valued at GHc5.68 to the dollar, GHc6.68 to the Euro, and GHc7.32 to the pound
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YEN.com.gh has learned that the Bank of Ghana (BoG) will soon build additional reserves of up to GHc300 million to deal with depreciation.
The move forms part of plans to stabilise the cedi and prevent a free fall.
Information available shows the currency has performed creditably in the first half of the year compared to major currencies such as the dollar and the Euro.
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It has also been gathered that export earnings have fallen and the revenue from Ghana’s oil reserves has also experienced a downturn.
Per a report by citibusinessnews.com, the cedi is currently trading at GHc5.68 to the dollar, GHc6.68 to the Euro, and GHc7.32 to the pound.
According to Dr Ernest Addison, the Governor of the Bank of Ghana, a number of strategies have been implemented to stabilise the cedi.
The Ministry of Finance, in February 2020, set up a committee to examine the causes of the depreciation of the cedi and proffer solutions.
In other news, the Bank of Ghana has called on Micro, Small and Medium Enterprises (MSMEs) in the country to spearhead the campaign for economic recovery in Ghana. According to the Central Bank, the current situation has nonetheless created a myriad of opportunities for MSMEs.
The Second Deputy Governor of BoG, Elsie Addo Awadzi, explained that such businesses are now in the position to re-engineer themselves and to participate more fully in the national, regional, and global economy.
READ ALSO: Seth Terkper: Former Finance Minister slams government's report on Ghana's fiscal debt
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Source: Yen News