Cedi will be strong by end of Year – Economist

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An Economist with Data Bank, Courage Kinsley Martey says the cedi may not hit the 5 cedis dreaded mark in December.

The local currency is currently performing well as it appears to have stabilized against the dollar.

The cedi, which was trading at 4.42 pesewas last month, hit 4.9 pesewas raising concerns from business groups.

But that has now changed as it is currently trading at 4.78 to the dollar.

According to Mr Martey, it is not likely the cedi will go beyond the dreaded 5 cedis to a dollar as predicted by the minority in parliament.

“I think we should be optimistic, and I think the level of optimism should be higher than caution. When we look at the fundamentals of the economy; the fact that inflation has dropped … the fact that the current account deficit has narrowed over time; this tells you that the fundamentals are strong enough to support an exchange rate that is better than what we saw when the cedi was depreciating,” he told Starr Business’ Osei Owusu Amankwah.

“So what this performance means it that the cedi is correcting itself to actually reflect what the fundamentals should hold it. That means that we should be positive that we are not likely to see the 5 cedi mark by end of the year. We are still going to be less than 5 cedis by end of the year,” he added.

He, however, cautioned that these gains can only be sustained if the fundamentals of the economy continue to grow strong.

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