BoG assures of cedi stability ahead of festive season in December

The Bank of Ghana (BoG) has given assurance that it will manage the Exchange Rate regime to help strengthen the cedi against the dollar as the year comes to an end.

In the last quarter of the year, most businesses import goods ahead of the festive season in December.

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The period normally experiences large outflow of foreign currencies as imports increase. But assuring the business community of a stable cedi, Dr. Addison said the central bank will work to protect the cedi from depreciating.

He pointed out that the numerous measures outlined by the central bank, with the support of government are already showing positive results.

This, he stressed should he help turn things around to minimize the impact of the cedi depreciation on businesses and Ghanaian households as the festive season approaches.

“I know every Ghanaian has suffered from the very sharp depreciation of the currency which has impacted lives and raised the cost of living. We are looking forward to being able to minimize the impact of the depreciation of the currency on the standard of living on Ghanaians”, he assured.

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Dr. Addison was hopeful the inflows of the $750 million Afrexim Bank Loan and the $1.13 billion cocoa syndicated loan will reassure investors of the country’s stable currency.

He stated that the recent dollar inflows should bring back confidence in the Ghanaian economy as government embarks of fiscal policies to consolidate the gains made by the central bank.


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