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General News of Monday, 21 February 2022


I'm extremely upset and anxious about cedi depreciation – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo

Efforts being put in place to arrest cedi depreciation says President Akufo-Addo

Cedi on freefall against other major currencies

Analysts express concerns over cedi depreciation

President Nana Addo Dankwa Akufo-Addo has noted that the current depreciation of the cedi is a situation that brings him anxiety and makes him upset.

Addressing the situation for the first time last week, President Akufo-Addo said his government is making efforts to arrest the decline of the cedi and restore its stability.

"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 noted.

Since the commencement of the year, Ghana's currency has seen significant depreciation against other major foreign currencies.

As of January this year, the cedi was trading at around 6.25 for a dollar but has since increased to around 6.60 for a dollar currently.

Against the pound sterling, the cedi, which was trading around 8.43 for a pound sterling early in the year, is currently trading at 8.92 for a pound sterling.

The situation is no different from the Euro and other major currencies.

The situation has caused some analysts to express grave concerns, especially on the disparity of the cedi rate provided by the Bank of Ghana and the ones given the foreign exchange retail market.


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