Business

BoG assures of cedi stability ahead of festive season in December

As the year comes to a finish, the Bank of Ghana (BoG) has promised that it will manage the Exchange Rate regime to help strengthen the cedi versus the dollar.

The majority of firms import goods in the fourth quarter in preparation for the holiday season in December.

As imports rise, there is typically a significant outflow of foreign currency during this time. Dr. Addison assured the business community that the cedi will remain stable by stating that the central bank will try to prevent the cedi from losing value.

He emphasized how the many initiatives detailed by the central bank, which had the backing of the government, were already yielding fruit.

He emphasized that in order to lessen the effects of the cedi depreciation on businesses and Ghanaian people as the holiday season approaches, he should help turn things around.

“I am aware that the extremely rapid devaluation of the currency, which has affected lives and increased the cost of living, has hurt every Ghanaian. We hope to be able to reduce how much the declining value of the cedi will affect Ghanaians’ level of living, he said.

Dr. Addison hoped that the $1.13 billion cocoa syndicated loan and the $750 million Afrexim Bank Loan would reassure investors of the country’s strong currency.

He said that as the government implements fiscal policies to solidify the achievements gained by the central bank, the recent dollar inflows should restore trust in the Ghanaian economy.

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