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Business News Thu, 14 Mar 2019

Cedi depreciation: Expect a reversal soon – Ofori-Atta

The Finance Minister, Ken Ofori-Atta, has said that the cedi will soon stabilise against foreign currencies.

Speaking to the media on Wednesday, 13 March 2019, Mr Ofori-Atta said the government is expecting large inflows of foreign exchange which will help turn around the value of the cedi.

The cedi is currently 5.6 to a dollar.

“Really I am very confident that a reversal is going to occur and that it [cedi] is going to be pretty stable going forward. We have about $200 million dollars coming in from Cocobod and another $600 million from Cocobod in a month or so…and that should close within the next weeks or so…with the type of capital that we expect in the few weeks we really expect a reversal and stability,” he said.

President Nana Addo Dankwa Akufo-Addo expressed displeasure about the fallen cedi and assured that his government is doing all within its reach to arrest the situation.

Addressing a ceremony held at the Tema Heavy Industrial Area, Kpone, to open the Fujian Sentuo Ceramic Tile Factory, Nana Akufo-Addo, said he is aware of the anxiety there is in business circles concerning the recent depreciation of the cedi.

"I am extremely upset and anxious about it too, but I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability in order to improve the competitiveness of the Ghanaian industry and I think very soon you will be seeing the results of our policy," Mr Akufo-Addo said.



Source: classfmonline.com
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