The Cedi Will Begin To Stabilise By Next Week - Government Assures

Government has also ssured that measures have been implemented to stabilise the fast depreciating currency. According to the Minister of State at Finance Ministry, Charles Adu Boahen, the cedi will begin to stabilise by next week. This, he said is because the government has taken steps to ensure that we can address some of the

real concerns with regards to making more hard currency available for importers. He mentioned that government has entered into an agreement with mining and gas companies to sell their forex to the Bank of Ghana as means of stabilising the cedi. This, according to the Minister of State at the Ministry of Finance, will help

support the reserve position to honour the imports of the mining and gas companies. Mr Adu Boahen’s assurance comes in the wake of the nation’s currency having depreciated significantly in the last six months, reaching a record high of being traded for a single dollar at ¢10. Also, a recent currency performance ranking by the

Bloomberg classified the cedi as the worst-performing currency across the globe after the Sri Lanka’s Rupee. Bloomberg tracked the performance of 150 currencies in the world and the cedi placed last but one in terms of performance since the beginning of the year.