Government expects cedi to stabilize in few weeks
5/10/2012 10:00:42 AM -
Vice President John Dramani Mahama has indicated that government expects the current free fall in the value of the cedi to halt in the next few weeks.
The local currency continues to depreciate in value despite new measures by the Bank of Ghana to stabilize it.
But speaking at the Ghana EU-Partnership meeting Wednesday, John Mahama says the decline should soon be over.
'Recently there's been concerns about the depreciating value of the cedi and the Bank of Ghana and the Ministry of Finance have worked together to take appropriate measures to mop up excess liquidity and to increase revenue and thereby ease the pressure on the cedi,' Mr Mahama said.
'And so I know in the next few weeks we are going see some action in this regard.'
'And we will see fair stabilization of the cedi in relation to the dollar; we think that an exchange rate anywhere between of 1.65 and 1.70, is a fair value and government will work to achieve,' he added.
The cedi has gone down by almost 14 percent from January to date.