Cedi out-performs dollar first week of June

Cedi out-performs dollar first week of June

- The cedi has gained grounds against the dollar in the month of June

- Government’s prudent fiscal measures are said to be a part of this improvement

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The cedi is gradually picking up against the US dollar especially in the month of June. This was after the Ghanaian currency raced off ahead of the American dollar thus going for 4 cedis and some 29 pesewas.

Cedi out-performs dollar first week of June

Finance minister Ken Ofori Attah is assuring of prudential economic policies in this administration (File photo)

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The health of the cedi has been the bone of contention ever since the NPP administration took office in 2017. So far, government has gained appreciable successes in the oversubscription of local bonds which was floated by the Bank of Ghana.

Investor confidence has also been on the high side as economists have related the trend to the pro-business policies by government. A key determinant of Ghana’s economic prospects remains the state of inflation rate and all too soon, the rate continues to record an appreciable decrease.

YEN had earlier reported of how the International Monetary Fund (IMF) had predicted a massive economic boom for Ghana in 2017. IMF relates these successes to the increase production of oil, low inflation rate and high investor confidence enjoyed by the country so far.

“Economic prospects in 2017 are encouraging, inflation is declining and prospects are there for a significant increase in the foreign exchange position following significant foreign exchange inflows in recent weeks. The authorities’ initiatives are promising,” the chief for an IMF team to Ghana, Analisa Fedelino revealed.

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Meanwhile, most business leaders especially the Private Enterprise Federation (PEF) has rated the Akufo-Addo government high following its resolve to make the economy an business-friendly one.

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Source: Yen.com.gh

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