Cedi Makes Marginal Gains Against Dollar

Government is hopeful the Cedi will make some marginal gain against the US Dollar before the end of the year. So far, the local currency has depreciated by some 20 percent to the dollar since the beginning of the year. But in the past two weeks, the Cedi has made some marginal appreciation against the US Dollar on both the interbank and forex markets. According to radioxyxonline.com, Deputy Finance of Minister, Seth Tekper said the interventions made by the Central Bank are yielding the expected benefits. “If you look at the last two months, in actual fact from June, the rate at which the cedi has been depreciating has slowed,” he stated. Mr Terkper said the measure introduced by the Bank of Ghana to arrest the currency since June is yielding rapid dividends to the economy of the nation; a situation he expects will continue for some time