The Ghanaian Cedi has urged 22% against the dollar in less than 15 days, so the Ministry of Finance is considering using foreign exchange swaps to help stabilize it.
Minister of Finance, Seth Terkper has said in an interview that talks have begun with the Bank of Ghana (BoG) about the agreements.
Moreover, he claimed that most probably the Cedi will continue to grow and then attain stability.
Seth Terkper added that they would not satisfy about the currency’s increments. So they are encouraging more flows and organizing asserts.
Since the International Monetary Fund (IMF) stated on 30th June that the government of Ghana has now on the path to meet the goals as part of the loan of about $ one billion, the currency has recovered nearly it’s all losses this year.
Cedi had charged 27% before then.
One of the lead economists at African Alliance Securities, Chris Becker said in an interview on phone from Johannesburg that Ghana has a few options for swap agreements which included turning to local banks for dollars or large central banks like the Federal Reserve or European Central Bank.
The Minister further said that dollars or euros would be used to maintain the currency for several months or a year.
The Cedi has increased 0.1% to 3,545% per dollar till 5:55 pm here in Accra. After the swap news it has gained as much as 4.7%.
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