Finance

How shortage of dollars can ‘pave way’ for cedi stabilization

US Dollar

Financial Analyst at Dalex Finance, Joe Jackson, is optimistic the local currency – Cedi – will soon stabilize and trade among major trading currencies, especially the US dollar.

According to him, dollars will soon not be on the market due to the unwillingness of Ghanaians to purchase the currency at a high price.

Speaking on TV3’s Ghana Tonight programme, Joe Jackson noted that government, on the other hand, will soon announce its domestic restricting policy to salvage the current economic hardship fraught Ghanaians.

“It is a tough time but I expect that the rate will slow down. The rate will slow down because at this moment, it is very hard to find dollars to buy and most of the people we have, are giving up on buying dollars and are slowing,” he said.

“Very soon there will be no dollars in the market and we are going to see some stabilization because the government will announce domestic debt restructuring package,” Joe Jackson added.

Bloomberg on Thursday, October 20, 2022, reported that Ghana’s local currency – the cedi – has depreciated in value by 9.6%.

This, the news portal said, makes the total loss of the cedi in 2022 almost 52%, the highest recorded in 22 years.

The free fall of the cedi now places the currency at the 148 position of worst performing currencies in the world.

Meanwhile, Ghana is targeting an amount of $3 billion over a three-year period from the IMF once an agreement on a programme is reached.

The new amount requested as a loan is double the government’s initial target of $1.5 billion.

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The IMF programme is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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