The cedi’s fortune for 2015 will be much better than 2014. According to Ecobank Transnational Incorporated (ETI) ‘s boss Albert Essien the cedi will perform much better than it did last year and will not experience the losing streak it did in 2014.
‘I don’t think that it will slide as fast and as much as it did in 2014, i think lessons has been learnt’ He said.
The cedi recorded one of its worst performances in 2014 depreciating by about 30 percent.
Its poor performance commenced in the first quarter of that year and through to the third quarter of 2014.
Proceeds from the cocoa loan syndicate as well as the issuance of the Eurobond kept the cedi afloat in the last quarter of 2014.
The central bank in a bid to save the cedi from further decline, in February 2014, introduced new and revised rules.
The move according to some industry players did not yield the results need.
An assertion which the bank of Ghana has downplayed.
According to Mr. Essien there is the need to take tough decisions to save the cedi from further fall.
‘We cannot continue to have the deficit that we are having, am glad that the finance ministry and government is doing something about it, the central bank is working with the finance ministry on that, but it needs some real ruthless execution to make sure we hold on to the cedi’s slide’. He said.
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