A high ranking member of the governing New Patriotic Party (NPP), Gabby Asare Otchere-Darko has described the current performance of the Ghana Cedi as remarkable.
The Ghana cedi which saw a sharp depreciation against the dollar and other major foreign trading currencies in the last quarter of 2018 and the first quarter of 2019, has started recording some marginal appreciation on the market.
As of March 13, the local currency depreciated against the dollar to trade at around GH¢5.90 but started picking up from March 14 and went up marginally to GHC5.049 on March 24, 2019.
The cedi’s magical performance according to analysts has largely been influenced by the injection of dollar cash by the Central Bank (BoG) after it met the IMF’s program target which required it, to build dollar reserves up to a certain level for December 2018 ending date.
The parliamentary approval of the $750 million bridge loan from Standard Chartered Bank and assurance by Finance Minister, Ken Ofori-Atta assurance that the cedi will stabilize in two weeks gave hope to market players making some sell out dollars.
These developments, according to experts, increased dollar supply onto the market causing the cedi to perform better.
Commenting on the cedi’s appreciation in a Facebook post, Gabby Asare Otchere-Darko who is a close confidante of President Nana Addo Dankwa Akufo-Addo stated that the performance of the local currency is good news.
“The cedi recovery has been remarkable. May the good news continue,” he remarked.
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Just ***barred word*** and enjoy your kick backs batty buoy
i thought he will celebrate on making it rather $ - Ghp 0.5. kuffour made it, milss mahama wasnt as bad as this so why celebrate, why jubilate.should we still waste time on these lia.rs?. governance isnt celebration or jubilation, is making ya best to serve well to the rsidents to feel ok. isnt it artificiate?, wont we pay the loan borrowed to stabilise it. when we start to pay, will it be same?. masa, the truth is, NDC started but they did the implementation wrong. let the BOG and importers understand clearly that, if you going to dubai, china etc, you need not US dollars, euro or pounds. if you going to europe we wont give you dollars. lets negotiate with the leading currency nations : US - dollars, UK - pounds , EU - euro, China dubai - rumbe etc so at least these major countries we import from, we can make it to stabilise our currency. i wonder why an importer will get dollars to china and exchange in china to buy , pumping china dollar bufffer while we lack it. if the BOG and government can purge like done in oil business say US $1 = Ghc 1, UK £ = Ghc 1.2 etc, we can trade and be strong than this cosmetic jubilation
Charlatan
Npp apparatchiks are the most ediotic individuals Ghana has ever had. You go and borrow money to stabilize your cedi and throw kenkey and waakye party to that effect and go to social media to celebrate how remarkable the cedi to dollar is doing? How shameful are you! So after the money is exhausted it means none of your so called economic wizards can use their head to solve the problem and have to go and borrow again, and the circle goes on. This is the second time money has been borrowed to improve our cedi/dollar relationship.
LIE TO DECEIVE YOURSELF, WE KNOW THE TRUTH. BORROWING TO SALVAGE THE CEDI AND SUFFER LATER IS WHAT YOU ARE PROUD OF. S H U T YOUR U G L Y MOUTH.
wodi womr3 kosoa na di womr3, na bebia w) ne mr3. I think we all know that you are the one running the country....congratulations to your family and friends (including ex's government.
..... and where are all the economic antics Bawumia was preaching then?? .....borrow to stabilized the cedi??????????????????????????????????????????????
YOu cant hate the President and his family just cos they came from an elite family God did not tell ur family to be poor may be ur great grants and grand parents lack vision that's no body's business. Is as simple.. these guys are well educated, well trained and fit in anywhere under this earth don't blame them u should wish that for ur children. When their grand parents were busy schooling urs were in the ***barred word*** some where giving birth to unwanted kids.
The President family are U G L Y .
The President's family are very ***barred word***. Who is this one too