Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has attributed the stability of the Cedi to a number of factors, including a tight monetary stance, ongoing fiscal consolidation, record reserve accumulation, and strict enforcement of the forex market rules.
Addressing the 124th Monetary Policy Committee (MPC) press conference in Accra on Friday, May 23, Dr Asiama stated that the Cedi has rebounded strongly against the major trading currencies.
“We are observing it continuously, though. The appreciation is largely driven by the market,” he said.
He added, “It is about maintaining exchange rate stability.”
Regarding the policy rate, Dr Asiama announced that the Monetary Policy Committee, by unanimous decision, maintained the Policy Rate at 28 per cent.
Dr Asiama stated, among other things, that headline inflation has declined consecutively in the first four months of the year, driven by both food and non-food inflation.
More soon…
The post Asiama: Cedi stability is due to tight monetary stance, ongoing fiscal consolidation, reserve accumulation & strict enforcement of forex market rules first appeared on 3News.
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