Finatrade Executive Chairman wants cedi fall halted
The Executive Chairman of Finatrade Group of Companies, Nabil Moukarzel, is asking the Bank of Ghana to institute more pre-emptive measures to halt the perennial free fall of the cedi.
Nabil Moukarzel says this is crucial as the fluctuation sends wrong signals to investors and does not encourage convenient trading especially for importers.
Speaking to Joy Business at a soiree with clients of the companies, Mr. Moukarzel called for immediate steps to address what he described as an alarming situation for businesses, explaining that the devaluation towards the end of 2011 has continued in January of 2012.
“There was about 11 percent depreciation of the cedi which is not a very good message to send to businesses. We hope that government will intervene, the Bank of Ghana will intervene, will stabilize the currency and definitely sending a very strong signal to businesses and investors that this election year everything will be normal and stable.”