The Bank of Ghana has given the firm confirmation that the Ghana cedi will be genuinely steady in 2021.
This is in response to projections from the Economic and Finance Think Tank, Center for Economics Finance and Inequality Studies (CEFIS) that the cedi will end the year at GH¢6.45.
As indicated by the outfit, the currency will also hit GH¢6.24 pesewas by June 2021. Be that as it may, the cedi will confront a few challenges this year.
In a brisk reaction to Think Tank’s affirmation, the Bank of Ghana says it’s far from what is being said. They (Bank of Ghana) don’t see the cedi encountering or experiencing any serious challenges that will affect its stability.
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As per the Central Bank, it has just set up part of measures that will help settle the Ghanaian local currency in 2021.
The controller still keeps up that along with its solid hold position, forward offer of dollars and other “market financial” measures, will place the local currency in a decent position this year.
The Bank maintains that having a solid hold position will give liquidity to showcase interest, adding the Foreign Exchange Forward Auction program has served to manage dollar interest for 2020 and it will even now be effective in 2021.
The bank of Ghana is extremely idealistic the cedi may even wind up performing far better than in 2020. They believe the cedi will for sure perform well, guaranteeing businesses of a genuinely steady local currency.