The Bank of Ghana has assured the general public that fundamentals of the economy are sound and strong, despite recent depreciation of the Cedi.
Speaking at “The Cedi Forum” to discuss the depreciation of the local currency, the head of Financial Markets and Treasury Dr Stephen Opata pointed out that the Central Bank has firm grips over the issues.
He said the depreciation of the Cedi is temporary, promising that measures such as “adequate reserves” have been put in place to address the shocks. “We’re providing liquidity to the banking systems to meet the shocks,” Opata stated.
He added: “We’re trying to ensure that there is a lot of liquidity in the banking system. The shocks will come, but the BoG will always be there to manage it. The important thing is to make the economy attractive.”
“According to our analysis this currency is well aligned. We’re not too strong and not too weak. We’ve had a good year and based on the fundamentals, we were expecting to have a better year until recently,” Opata asserted.
Mr. Opata, who is also in charge of Treasury at the Central Bank, observed that “there has been significant turnaround in the fundamentals of the Cedi starting from 2017 to 2018.”
Admitting that “there has been some depreciation” in the last couple of weeks, Mr. Opata argued “it is not the worst we’ve seen.”
“The BoG is trying to live to expectation of Ghanaians in terms of achieving stability. We should not worry. We’re on the right track,” Mr. Opata added.