Business News of Tuesday, 29 May 2012
Finance Minister Dr. Kwabena Duffour is expecting the value of the cedi to stabilize by the end of next month.
The local currency continues to decline in value despite interventions by the Bank of Ghana.
The currency has depreciated against the dollar by almost 16 percent since January.
But Dr. Duffour has told JOY BUSINESS the decline should be over the end of June.
“Already we’ve put in some measures as you know, but I’m saying that all those measures we put in place are working…therefore we expect that the cedi will stabilize…” Dr. Duffour stated in an interview.
Analysts have however questioned government’s projection of the cedi stabilizing very soon and have argued that such interventions take about six months to get the needed results.