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Business News of Friday, 27 August 2021


Cedi records 1.26% depreciation – Dr Bawumia

Vice President of Ghana, Dr Mahamudu Bawumia play videoVice President of Ghana, Dr Mahamudu Bawumia

Vice President Dr. Mahamudu Bawumia has reiterated the country has seen the lowest rate of depreciation of the Ghana cedi since the Fourth Republic.

“From January to Wednesday, August 25, the cedi has depreciated by 1.26 percent,” Dr. Bawumia said when he addressed participants at a conference organized by the Industrial and Commercial Workers’ Union (ICU).

He said the Central Bank and the Finance Ministry have managed to maintain relative stability of the cedi under the Akufo-Addo administration, adding the management of monetary policy has been remarkable.

“You don’t have an accelerated depreciation of the exchange rate that we’ve seen many years in the past,” he noted.

The Ghana cedi ended last year with a depreciation rate of 3.93 percent to the US dollar, making it one of the best-performing currencies in Sub-Saharan Africa.

The impressive performance also makes it the best since 2017 when it depreciated by only 4.88per cent.

Analysts believe that the cedi has benefited from a myriad of factors including the Bank of Ghana’s Forex Forward Auction and the diversified exports.