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Cedi is not appreciating – Casely-Hayford

Source:citifmonline.com

Financial Analyst, Sydney Casely-Hayford says the cedi has not appreciated in value against other major foreign trading currencies as it is being reported.
The Cedi from the beginning of the year depreciated against major trading currencies by about 40% which adversely affected cost of living and trading activities in the country.
But within the past four weeks, it has seen some significant recovery on the foreign exchange market now exchanging at about GHC 3.30 from rates as high GHC 3.80 reported a couple of months back.
Casely-Hayford told Citi News that in real terms, the cedi has not appreciated in value.
He attributed the situation to a reduction in speculation and increased supply of dollars into the system.
He said: “What you have is a huge supply of dollars into the system and therefore, people are not panicking anymore.”