The cedi’s shaky performance over the past two weeks is momentary, the Bank of Ghana has said, indicating that more liquidity, among other measures, are being undertaken to ensure that the local currency’s strong performance for the year is restored.
The local currency has since May 21 witnessed some unsteadiness – losing ground to the US dollar and prompting fears that the poor performance could signal the cedi is back into its perennial poor showing against the greenback.
The cedi as at May 17 had appreciated by 0.03 percent against the dollar on the interbank forex market, but by June 1 the year-to-date gains it had made against the US dollar were erased within that fortnight period.
Speaking to the B&FT, Steve Opata-Director, Financial Markets Department at the central bank, said its assessment of the cedi’s troubles reflect a spillover from external markets development.
The external developments Mr. Opata cited include rising oil prices, strengthening of the dollar as well as a steady rise in US interest rates.
Speaking to the B&FT, Steve Opata-Director, Financial Markets Department at the central bank, said its assessment of the cedi’s troubles reflect a spillover from external markets development.
The external developments Mr. Opata cited include rising oil prices, strengthening of the dollar as well as a steady rise in US interest rates.