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.