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Journalist Nana Ama Agyemang Asante has highlighted the seemingly unstable nature of the cedi's stability against the world's major commercial currencies.
In a report published by Citinewsroom.com, she said the cedi was down against major trade currencies such as the dollar since February 2019. On March 15, 2019, the cedi was depreciated by 8.4% relative to the dollar.
Asante then revealed that a loan facility of $ 750 million at Standard Bank Bridge had halted the decline and that the currency had not fully recovered.
Nana Ama Agyemang Asante
Source: Citinewsroom.com
Source: UGC
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However, she said that it seemed that the rapid depreciation that was making the Ghanaians anxious has stopped for the moment.
Barely a day after the cedi made progress, the government announced a public meeting with the economic management team under the theme "Our progress, our status, our future." The Vice President, Dr. Mahamudu Bawumia, will be the main speaker of this meeting.
According to Mr. Asante, the only scenario in which it would be appropriate for the Vice-President to make a speech on the economy is that Mr. Bawumia apologize for the government's dramatic underperformance.
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Source: Yen.com.gh
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