The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed optimism that the current challenges with the cedi’s performance against the US dollar will soon be brought under control.
In the last few weeks, the Ghana cedi has witnessed sustained depreciation against the US dollar. According to Bloomberg estimates, the local currency has depreciated by 13.7% against the greenback so far this year.
But the Central Bank Governor says that necessary measures are being taken to address the situation and bring stability to the local currency.
“The exchange rate stability will be sustained because it is not possible to continue with the disinflation process with exchange rates that are not stable. So, implicit in that statement is to give assurance to you all about the stability of the cedi going forward.
“I’m aware that every commercial bank in the country has received some FX from the Central Bank, and apparently, there are one or two that didn’t need it, and we are keeping a very keen eye on developments,” Dr. Addison said.
Meanwhile, Ghana’s inflation rate saw a marginal decrease from 25.8% in March of this year to 25.0% in April.
This indicates a decline of 0.8 percentage points in April compared to the figure recorded in March 2024.
It is still uncertain whether the Central Bank will need to maintain or raise its monetary policy rate, which currently remains unchanged at 29% after its last meeting in March 2024.
MA/AE
Source: www.ghanaweb.com
