Bank of Ghana expects cedi to stabilize from October
7/4/2012 10:00:41 AM -
The Bank of Ghana says it expects the cedi's value to fully stabilize by October this year.
The local currency still continues to fall in value against the dollar despite interventions by the central bank. It has lost almost 20 percent since the beginning of this year.
Finance Minister, Dr. Kwabena Duffour had earlier predicted that the cedi's free fall will halt by end of June.
Second Deputy Governor of the Bank of Ghana, Millison Narh however tells Joy Business the bank now expects the cedi to be stable against other currencies from the fourth quarter of this year.
The Bank of Ghana in May this year introduced some measures to halt the free fall in the cedis' value.
Analysts have however questioned government's projection arguing that such intervention take about six months for the required measures to get results.