Governor of the Bank of Ghana, Dr Ernest Addison, has assured Ghanaians that the Central Bank is putting measures in place to strengthen its reserves and also mitigate the cedi’s fall against major foreign currencies.
Speaking at the launch of “The Concise Law of Banking”, authored by private legal practitioner Afua Appiah-Adu, Dr Addison said he can drive the Cedi-to-Dollar which has skyrocketed in a few months at GHS10.
He added that the cedi rate would be short-lived unless an effective strategy is implemented to maintain it.
“We have $7 billion dollars in foreign exchange reserves. If I want to drive the dollar-cedi rate at GHS 10, I can do that tomorrow. But what about the day after tomorrow?
“So, we are balancing various factors, trying to build reserves and managing the exchange rate.
He subsequently urged Ghanaians to maintain optimism that the cedi exchange rate would normalize with just a few weeks to the Christmas festivities.
“So, all is not lost yet, there is some silver lining in the cloud, hopefully we will see the appreciation of the currency”.
