The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has stated that the current depreciation of the cedi really upset and brings him anxiety.
According to him addressing the issue, his government is making sure to arrest the situation in order to restore the stability of the cedi.
“I’m aware of the anxiety there is in business circles and throughout the population about the recent depreciation of the cedi. I’m extremely upset and anxious about it too. But I want to assure you that all efforts are being made to arrest the decline and restore the cedi to stability in order to improve the competitiveness of Ghanaian industry, and I think very soon you will see some results,” the president said.
Since the start of the year, Ghana’s currency has faced significant depreciation against other major foreign currencies.
In January this year, the cedi was however trading at around 6.25 for a dollar but has at once increased to 6.60 for a dollar currently.
Meanwhile, against the pound sterling, the cedi, which was trading around 8.43 for a pound sterling, is currently trading at 8.92.
Euro and other major currencies are also facing similar challenges.
Analysts have however expressed disappointments especially on the disparity of the cedi rate provided by the Bank of Ghana and other ones given the foreign exchange retail market.