Ghana cedi could again see downfall against the dollar as Angus Downie, Group Head of Economic Research at Ecobank, predicted tough time coming for Ghanaian currency within few weeks.
Mr. Downie found that companies will move to restock their shares for Christmas and other developments ahead on the world market.
“From today onwards we are going to see demand by importers and the trading community because as they gear up for Christmas they will want to receive their goods well before Christmas so that they can get them into the market and consumers can buy them”, he explained his prediction.
He also observed fall in price Brent Crude oil price on the international market could also affect cedi’s traction.
Over the past few weeks Cedi was observing stability against the dollar following, experts analyzed, intervention of government and policies put in by Bank of Ghana, prospecting a positive sign for businesses and trade.
Currently, dollar is trading at around 3 cedi and 10 pesewas in banks, a significant change from almost 4 Cedis to a dollar a few weeks back.
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