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Cedi depreciation has benefits - Veep

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Ghana Vice President
Vice President Kwesi Amissah Arthur

Vice President Kwesi Amissah Arthur has stated the decline in the value of the cedi has brought about some benefits to the economy.

 
The local currency has depreciated by about 20 percent since the beginning of the year.
 
The Central Bank in May announced measures to arrest the situation by the end of the year.
 
According to the Former Governor of the Bank of Ghana, arguments that the cedi has depreciated substantially might not be that accurate. He was speaking at a meeting with some business and economic journalists last night.
 
“It important for the exchange rate to be stable but its also important that if your rate of inflation is higher than those of your trading partners, in effect the rate should depreciate in oder to restore incentives for exports. This is because of if you cannot export it means you do not have the capacity to import and therefore that balance must always be there”he explianed.
 
Source: MyJoyOnline
Related Terms:
Business
Depreciation
Economy of Ghana
European Documentation and Information Centre
Exchange rate
Ghana
Ghanaian cedi
Gospel Music
Inflation

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