Future of Ghana's cedi uncertain - Ecobank

The outlook of the Ghana Cedi will remain uncertain going forward, according to Ecobank research.

This is due to robust dollar demand, fiscal pressures, and possible further weakening of global commodity prices.

In its assessment of the Bank of Ghana’s Policy Rate hike by one hundred basis points, the research outfit of Ecobank said the increase in the Central Bank’s rate is positive since it is expected to sustain market interest rates at their current levels.

The Ghana cedi has since the beginning of the year depreciated by about 4.3 percent to the US Dollar on the forex market.

But Governor, Dr Henry Wampah, believes some changes to the monetary operations of the Bank of Ghana will ensure price stability.

Dr. Wampah also said the Central Bank is also monitoring developments on the forex and interbank markets to ensure stability.