It will take time for interest rates to decline - Economist

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• BOY KOFI 7 years ago

  The whole problem is that Ghana as a country is not exporting enough goods to gain hard currencies.
  What we are doing as a country is depending on imported goods which demand lot of foreign currencies.
  This equation means t ...
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  The whole problem is that Ghana as a country is not exporting enough goods to gain hard currencies.
  What we are doing as a country is depending on imported goods which demand lot of foreign currencies.
  This equation means that the demand of foreign currencies will keep going up everyday so will the Cedis also keep depreciating everyday.
  Therefore,the banks will not reduce interest rate today or tomorrow until the Cedi is stable.
  The decline of the inflation rate has very little influence on the interest rate,that's the bottom line.Thank you.

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