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Business News of Tuesday, 23 April 2019

Source: Graphic.com.gh

Stop talking down cedi – Stanbic Bank MD

The Managing Director of Stanbic Bank Ghana Limited, Mr Alhassan Andani, has appealed to Ghanaians not to talk ill about the cedi, explaining that such comments erode confidence in the currency, leading to increased depreciation.

In his opening remarks at the ongoing Graphic Business/Stanbic Bank Breakfast Meeting, Mr Andani said Ghanaians should rather be interested in how they could collectively support the cedi to strengthen in value against the international currencies of trade.

He said the state of the cedi is a reflection of the choices that people make, hence the need for everybody to work together to help attain a sustainable exchange rate.

The President of the Ghana Association of Bankers also called for a frank and dispassionate discussion on the challenges facing the local currency.

Last year, the cedi lost some 8.4 per cent of its value to the US dollar. It came under intense pressure in the first three months of the year, mainly due to increased repatriation of bonds by non-resident bondholders.

The Governor of the Bank of Ghana, Dr Ernest Addison, described it as an overshoot that has since normalised.