Stop saying that the cedi is "the weakest in Africa" ​​- Ofori-Atta

General News on Thursday, March 14, 2019

Source: dailymailgh.com

2019-03-14

Ghana's Minister of Finance, Ken Ofori Atta, warns Ghanaians against saying the local currency – the Ghana cedi – as "the weakest in Africa".

S addressing reporters in Accra, Ofori-Atta said, "It is not healthy for Ghanaians to repeat that."

The Cedi continues to depreciate against major international currencies since the beginning of 2019, as observers now call it "the weakest on the continent". The Cedi reached a record low of 5.6 per dollar.

However, the Minister of Finance is optimistic that the troubled Cedi will regain its strength, at the latest in a fortnight. He pointed out that the fundamentals of the economy are still strong.

"The truth is to examine the basic principles of this country. Inflation is a single digit, which is good. Growth has been strong. The budget deficit has decreased and we are getting surpluses. I am convinced of the rebirth and stability of the Cedi, "he said.

"Really, I'm very confident that a reversal will happen and that this [cedi] will be fairly stable in the future. Cocobod and some $ 600 million from COCOBOD will reach us in about a month … and should close in the coming weeks … with the kind of capital we expect in the coming weeks, we are really expecting a turnaround and stability, "he said. said the Minister of Finance.