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Communications Director of the National Democratic Congress, Sammy Gyamfi has said the Ghanaian Cedi performing better against the United States Dollars is due to the outbreak of Coronavirus.
He stressed that, business people are not importing goods due to the outbreak of Coronavirus which has taken pressure from the cedi hence the reason why the currency is doing well on the world market.
“The reason why we are seeing some stability is not because of any economic intervention put in place by this government, 37% of our imports comes from Asia and I’m telling you that there’s no single economic intervention that is bringing about this stability.
If we’re not importing and businessmen are not going to China like they do the pressure on the Ghana cedi will go down and you’ll begin to see some stability. You can choose to celebrate that like the government is doing but very soon they will see their smoothness level”.
Renowned world financial news, research and data organisation Bloomberg, has rated the Ghanaian Cedi as the best-performing currency in the world against the United States Dollars.
The global financial and economic research experts added that the currency of the world’s second-biggest cocoa producer has strengthened 3.9% in 2020, the most among more than 140 currencies tracked by Bloomberg.
With Ghana concluding a series of meetings with international bond investors for a sale of as much as $3 billion in Eurobonds, Bloomberg quotes financial experts as saying that the Cedi will further strengthen.
Source: Kingdomfmonline.com / Richardobengbediako@gmail.com /