Dip in cocoa and gold prices last year culminated in the free fall of the cedi
Stable cocoa and gold prices on world market has resulted in a relatively stable depreciation of the Cedi, the Finance Minister, Seth Terkper said in an interview with Graphic Business.
Dip in cocoa and gold prices last year culminated in the free fall of the cedi.
An ounce of gold fell from US$1,200 in January last year to US$1,061 on January this year.
According him, the free fall of the cedi last year was a global phenomenom, adding countries such as South Africa, Angola and others had similar challenges.
He said, "Fortunately, prices of cocoa and gold are stable and we do not expect the depreciation to continue."
He further said data from the central bank showed that the currency had seen less pressures during the festive season compared to previous years.
To consolidate the gains made, he said what needs to be done now is to manage traditional shocks,in reference to the stability in commodity prices and the impact on revenues.
"In that regard, we can see that the currency has seen its levels. What we now need to manage is the traditional shocks."