'Deliberate gov’t policy cause of Cedi rise'

A Deputy Communications minister in charge of Information, Felix Kwakye-Ofosu has dismissed claims that the appreciation of the local currency-The Cedi- against the major trading currencies, especially the Dollar is a fluke.

The Cedi which depreciated as much as 40% against the dollar for several months appears to be rising, gaining weight against the major trading partners.

Inter-bank rates checks established that on the average, one dollar was bought at GH¢ 3.1, and sold for GH¢3.45; One pound was bought at GH¢5.2, and sold for GH¢ 5.6, while a Euro was also bought at GH¢ 4.1, and sold for GH¢4.4.

But skeptics, including financial analyst Sydney Casely-Hayford have said the rise of the Cedi is not sustainable. Casely-Hayford attributes the situation to a reduction in speculation and increased supply of dollars into the system.

Speaking to Asempa FM ,Wednesday, Kwakye-Ofosu said the government is bent on ensuring a further appreciation of the local currency in order to strengthen the economy.

“Let me state emphatically that what is happening with the Cedi is as a result of a deliberate government policy and government aims to sustain it”, he stated.