The Ghanaian cedi currency has recently been faced with a huge dip as it depreciated against the United States dollar. Over the past few weeks, the Ghana cedi was at almost GHS4 to a dollar. Presently it is appreciating at about GHS 3.75 to a dollar.
Some commercial bank treasurers noted a one-percentage increase against the dollar as quoted by Joy Business reporters.
“According to the Bank of Ghana, the country’s international reserves stood at 4.5 billion dollars in August this year. With a forecast of nine billion at the end of the year if the country’s international reserves face no depletion,” noted Joy Business.
There is expected 1.8 billion dollars cocoa loan syndication pending deposit into the international reserve. This money is expected to foster growth of the international reserves and stabilize the economy.
“The reserves of the Bank of Ghana will be boosted by inflows from cocoa loan syndication, EUROBOND sale and inflows from International Monetary Fund(IMF)’s disbursement under the extended credit facility and inflows from the country’s donor partners,” noted Joy Business.