The Finance Minister, Ken Ofori-Atta, has assured that the cedi will stabilise in the next few weeks.
Speaking to Journalists outside Parliament House Wednesday, March 13, 2019, Mr. Ofori-Atta said government is expecting large inflows of foreign exchange which will help turn around the value of the cedi which has hit a record low of 5.6 to a dollar.
“Really I am very confident that a reversal is going to occur and that it [cedi] is going to be pretty stable going forward. We have about 200 million dollars coming in from Cocobod and another 600 million from cocobod in a month or so…and that should close within the next weeks or so…with the type of capital that we expect in the few weeks we really expect a reversal and a stability,” the Finance Minister said.
Critics have blamed government’s policies for the weakening of the cedi against the U.S. Dollar and other major currencies – a stance Vice President Dr Bawumia Bawumia rejected.
To address the current cedi challenges, some analysts have urged the central bank to dig into its reserves and ensure there is enough supply to meet the demand for the US dollar by the market.
Others also believe the situation is a short-term one, resulting from the ongoing banking sector reforms, and that it will correct itself.
Source: Starrfmonline.com
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On Ghanaweb there's a story in the Business Section about Kwame Pianim saying the job of Ken Ofori-Atta is not to stabilize the cedi and my two cents with regards to what he said, is the rule of thumb is build it and they will come. We want foreign investors to come and invest in Ghana, but we don't want to build it, i.e put our money where our mouth is, by investing in the economy, where we want them to come and invest. How then do you get them to come and invest? You must build it and they will come. Instead of taking the foreign exchange out of here, build it here and when they come, they can partner you in an 80/20, 70/30 or whatever deal you want to strike with them, then you will have a stabilized cedi. First it is called ownership, a property owning democracy. So if it is in hotels, build 5 star hotels for the tourism industry, build a brand, a chain and let them come and partner with you, that is how you create and maintain and sustain wealth for generations.
please ignore him, he is not that serious
So you think by saying this people will start panicking and start changing their dollar. Massa try another lie cos this one will not wash. You sat down for the currency to reach this far and you are talking about a miracle in two weeks. In any case, ARE YOU GOING TO BRING THE DOLLAR BACK TO ONE IS TO ONE?. Don’t promise the impossible.
You are the most dishonest Ghanaian
Ghanaians are very strange people, constantly expecting life to be a permanent holiday yet fail to reason and work hard for improvements in their country's progress. All they know is to criticize without facts or knowledge. If not for strategic decisions taken by your current government when they came into power, the exchange rate of the cedi to the dollar would have been far worse than it is now. In a country where you import over 80% of your consumables with a low GDP rate, plus corrupt officials and citizens in all aspects of your life, then how on earth do you expect your currency to be stable on a year on year basis? Even advanced countries like UK and USA experience fluctuations in their currencies from time to time. It is time you people question yourselves and change your attitudes instead of expecting manna from heaven all the time.
Fake. Where do you want the rate to get to before you and your bawumia arrest this again. What do you mean by soon?
He doesn't mean what he is saying oo. Ignore him
We want to hear from barwumia not you. He was the one who arrested the cedi and locked it up and gave the key to the IGP. He has to answer how the cedi broke jail. Too known man.