Pulse.com.gh logo
Go


Cedi Depreciation Gov’t will arrest ‘free-falling’ cedi – Majority

Deputy Majority chief whip and a member of the Finance Committee Matthew Nyindam told the media that the government is putting measures in place to stabilise the local currency.

  • Published: , Refreshed:

The Akufo-Addo-led government will soon arrest the falling cedi from further depreciating against the dollar.

This is assurance coming from the Majority in Parliament.

Ghana’s currency, the cedi hit a record low on Tuesday.

Analysts say that this is mainly due to global pressures as investors continued to exit emerging-market assets.

READ ALSO: Prices of foodstuff to go up in July – Esoko

The currency which has weakened since the start of May got to 4.8250 to the dollar on Tuesday.

Cumulatively, the local unit depreciated 5.3 percent in the first six months, compared to 3.3 percent in the first half of last year.

During the campaign season ahead of the 2016 general elections, then running mate of Nana Akufo-Addo criticised the incumbent government for its poor handling of the economy.

Vice President Dr. Mahamudu Bawumia at the time incessantly criticised former President John Mahama for appearing clueless in halting that depreciation of the cedi.

Mr. Mahama only last month complained about the cedi to dollar exchange rate, which he said stood at GHc4.7 to $1.

READ ALSO: Government’s negative policies favouring foreign businesses – Nduom

However, deputy Majority chief whip and a member of the Finance Committee Matthew Nyindam told the media that the government is putting measures in place to stabilise the local currency.

“We will arrest the cedi. You think we want to joke? We are going to arrest the cedi.”

He also noted that comparing the current exchange rate to last year’s “it is far better than what we are seeing a month ago because it started very fast and it is not good news.”

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Nana Appiah Mensah Social media ‘exposes’ NAM1 for fake Menzgold UK launchbullet
2 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
3 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana,...bullet
4 Accra Shops GAME store finally arrives at West Hills Mallbullet
5 Salaries In 2018 Here are the dates public workers will be paid...bullet
6 Banking In Ghana Ghanaian bank staff want to quit over...bullet
7 Nana Appiah Mensah Menzgold to open a new branch in Spainbullet
8 Ghana-Chinese Relations 6 reasons why the StarTimes deal...bullet
9 StarTimes Deal Gov't must listen to Ghanaians - Omane Boamahbullet
10 How to create a verified PayPal account Learn how to...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Plane Crash Starbow suspends operations following plane crashbullet
3 Selorm Adadevoh MTN CEO dances Agbadzabullet
4 Former Capital Bank staff grills pork for survivalbullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Support Finance minister buys Kantanka carbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Money Alert Meet Africa's richest womanbullet
9 Dr Joseph Siaw Agyepong Nobody can collapse my company –...bullet
10 New Phone Nokia’s MWC 2018 event in 7 minutesbullet

Business

X
Advertisement