Government committed to stabilising cedi – Palgrave Boakye-Danquah

Government Spokesperson on Governance and Security, Palgrave Boakye-Danquah has reiterated government’s commitment to stabilising the Ghana cedi by the end of the year.

According to him, government and the Bank of Ghana have adopted measures including dealing with speculation which he described as one of the major causes of the depreciation of the cedi in recent times.

Palgrave Boakye-Danquah said though the depreciation of the cedi has impacted the cost of doing business in the country, he is confident the rate of depreciation of the local currency will slow down and bring relief to businesses.

He pointed out that, "the dollar had strengthened against the other major foreign currencies, leading to the depreciation of the Yen, Pound and the Euro,” Palgrave Boakye-Danquah told Accra-based Original FM 91.9

He charged industries to increase their productive capacity to stimulate job creation, adding that “we cannot continue to be a nation of importers.”

Bloomberg has tagged the Ghana cedi as the best-performing currency against the US dollar this week.

After being compared to some 150 currencies across the globe, the cedi emerged as the best-performing currency against the dollar this week (for the past 5 days).