Pulse.com.gh logo
Go


Negative speculations unfounded Cedi will stabilize in September -  Wampah declares

The Ghana Cedi  over the past  week has resorted to its usual fall against the major currencies, depreciating by some 6 per cent, after  putting up a strong fight against the dollar in the greater part of July, 2015.

  • Published: , Refreshed:
Governor of the Bank of Ghana, Dr. Henry Kofi Wampah play

Governor of the Bank of Ghana, Dr. Henry Kofi Wampah

The Governor of the Bank of Ghana, Dr. Henry Kofi Wampah has assured players in the business community that the Ghanaian local currency,  the Ghana Cedi will stabilize in September.

Addressing concerns over the currency's latest  slide,  the central bank governor expressed optimism at the possibility of stabilizing the currency in view of measures the central bank is implementing in the short to medium term to stem the slide.

The Ghana Cedi  over the past  week has resorted to its usual fall against the major currencies, depreciating by some 6 per cent, after  putting up a strong fight against the dollar in the greater part of July, 2015.

Critics, however, were not convinced that the  currency could continue the positive performance, as it was hinged on  the central bank’s ingestion of $20 million on a daily basis.

However, addressing the issue with the media on Monday, Dr. Wampah  lashed out at speculators predicting a negative outlook for the cedi as the propagators of fear and panic in the currency.

 He set out to allay all such fears, stating,  ‘There’s no economic basis for  the negative predictions of speculators’.  Instead he believes all  moves being made by the central bank point to a positive outlook, which will come to fruition by September.

Meanwhile some players in the banking sector have expressed mixed opinions about the performance of the local currency.  Chief Operations Manager of the Ghana International Bank, Mark Arthur disagrees with the central Bank governor.  

'The macroeconomic indicators don’t lie. The speculations are based on the indicator. The central bank must do more.’’ Mr. Arthur said.

One optimistic player however, is the  deputy managing director of Societe General Ghana, Francois Marshall. He believes the cedi will stabilize in the coming months. ‘’ It will rise again, but not as fast as before. The actions of the central banks are reassuring.  Once the $1.8 billion Cocoa syndicated loan kicks in, as well the 1 billion Eurobond, it will stabilize.’’ Mr. Marshall Added.

Today, the Ghana Cedi depreciated against the Ghana Cedi by 26 pesewas, against the Euro by  20 pesewas and against the Dollar by 18 pesewas.

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 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana, so...bullet
2 Donor Support World Bank injects $60m into Ghana’s energy, tourism sectorsbullet
3 How to make money online Online jobs; how to make money on YouTube...bullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 Menzgold Ghana Investment company closes down its Gold Vault...bullet
8 Education Top 5 private high schools in Ghana according to...bullet
9 Number 12 Panic withdrawals hit savings & loans company...bullet
10 Cost of Fuel IES predicts increase in fuel prices this...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
4 Plane Crash Starbow suspends operations following plane crashbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 New Discovery Ghana discovers new mineral, lithium in...bullet
7 Support Finance minister buys Kantanka carbullet
8 New Phones Nokia MWC 2018 Event in 5 minutesbullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 New Phone Nokia’s MWC 2018 event in 7 minutesbullet

Business