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Currency woes Cedi will not hit GHC6 in last quarter- dep. finance minister

Despite the impressive recovery there are fears the cedi will go back to its losing ways due to the central bank’s approach in dealing with the cedi’s recovery. But a deputy Minister of finance Mona Quartey rejects the projections.

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The Ghana Cedi has been volatile in the last past two months, experiencing a daily bout of depreciation and appreciation, in some instances very drastic.

Financial analysts have predicted more difficult times for the currency, especially in the last quarter of the year, where multinational companies repatriate profits to their parent companies outside the country, and also as importation increases to meet demand during the festive season.

However, Deputy Minister of Finance Mona Quartey has rejected assertions that the country’s currency will end the year at about 6 cedis to the dollar.

Her comments follow heightened debate on the cedi’s performance and government’s continuous difficulty in stabilizing the local currency. Some stakeholders have predicted the cedi will close the year at between 5 and 6 cedis to a dollar.

The Chief Executive Officer of Dalex Financial Services, Ken Thompson for example earlier projected that the cedi will continue to fall against major trading currencies and close at 6 cedis to a dollar by close of year. According to him the demand for dollars is still higher than supply.

The cedi this year alone has depreciated at a rate close to 30%. The central bank’s intervention of pumping between 20 and 50 million dollars daily depending on the demand to halt the free fall of the cedi initially did not yielded the needed results initially.

However the Cedi begun making some significant gains against major foreign currencies including the dollar, British pound and Euro some two weeks ago.

 Despite the impressive recovery there are fears the cedi will go back to its losing ways due to the central bank’s approach in dealing with the cedi’s recovery. But a deputy Minister of finance Mona Quartey rejects the projections.

“I don’t share in their assertion and they are entitled to their own opinions and the market will determine the price of the cedi and demand and supply will determine that price, what we hope is the stabilization of the price. Stabilization of the cedi is our goal and that is what we want, is not about too much of strengthening of the cedi or anything but just the stabilization of it.”

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