Government urged to maintain currency stability factors

Government has been advised to maintain the factors that contributed positively towards the stability of the cedi.

Mr Chris Addy Andoh, owner of Kash Forex Bureau in Tema, commending the government, said “the managers of the economy have done exceedingly well”.

In an interview with the Ghana News Agency, he said managers of the economy must keep an eye on the identified factors contributing positively to the stability of the cedi to ensure that it does not slip again.

According to him, the stability of the currency made it easy for business operators and individuals to plan as it was difficult to forecast with an unstable cedi.

He explained that in the foreign exchange business, while speculators convert their cedis into the hard convertible currencies to shore up value when the rates went up but exporters, importers and individuals buy foreign currencies to pay off their debts and trade which directly affect the ordinary consumer.

He indicated that whereas the Dollar had been stable against the Cedi for some time now, the Pounds and Euros kept sliding.      

As at Tuesday, the Dollar was bought by the forex bureau at GH¢4.20 and being sold at GH¢4.40, the Pound was GH¢5.40 for selling and 5.20 for buying while the Euro was going for GH¢4.60 and being bought for GH¢4.40.

Mr Andoh appealed to government to check the role of black marketers in the currency trade as that affected their operations negatively.

Source: GNA