Ghana’s cedi is coming under renewed pressure against major international currencies as the government addresses growing concerns over the performance of the local currency in 2018.
Finance Minister Ken Ofori-Atta is attributing the depreciation of the cedi to external shocks affecting the economy. His comments come after the currency reaches a record low against the United States dollar earlier in July.
The cedi has weakened by about 5.3 percent during the first six months of 2018, compared with a 3.3 percent depreciation recorded during the same period in the previous year. The development is generating fresh debate about Ghana’s economic management and the factors influencing the value of the local currency.
The government is also increasing weekly dollar sales to local banks as part of efforts to support the foreign exchange market.
The depreciation is becoming a significant economic and political issue, particularly because the performance of the cedi remains closely connected to discussions about inflation, imports, government spending and the wider cost of living.
Meanwhile, officials are defending the government’s economic policies and pointing to international developments as important factors affecting the currency.
The situation keeps the cedi and Ghana’s economic management at the centre of national debate in 2018. (Starr Fm)
