- The central bank chief acknowledged the challenges
- He emphasized the difficulty in managing market expectations
- The currency's performance remains closely tied
Governor of the Bank of Ghana, Dr. Ernest Addison, has attributed the ongoing depreciation of the Ghanaian cedi to a combination of market sentiment and election-related uncertainties.
The central bank chief acknowledged the challenges posed by these factors, despite the implementation of measures to stabilize the currency.
He emphasized the difficulty in managing market expectations and speculations, particularly in an election year.
While the cedi has depreciated by approximately 19.1% against the dollar since January, the Bank of Ghana maintains that recent market developments indicate potential stabilization.
The central bank has also assured the public of its preparedness to meet upcoming Eurobond payments, thanks to built-up foreign exchange reserves.
However, the currency’s performance remains closely tied to the successful implementation of the IMF program and reaching an agreement with external creditors.
