Some economist and financial analysts have predicted more difficult times for the currency, especially in the last quarter of the year, where multinationals repatriate profits to their parent companies outside the country and also as importation increases to meet demand during the festive season.
Some stakeholders have predicted the cedi will close the year at between GH¢5 and GH¢6 cedis to a dollar.
However, the Chief Executive Officer (CEO) of UT Bank, who is also the President of UT Holdings Prince Kofi Amoabeng, has rejected those predictions.
Mr Amoabeng believes the Central Bank will put in the right measures to prevent further depreciation of the currency.
‘I think knowing the expected inflows from the Eurobond, the cocoa syndication and grants from donor partners which means that the cedi is likely to be a bit stable getting to the end of the year.
‘The official rate is around GH¢4 but I think the governor of the central bank is aware of the effect of the fall in the cedi and they would take measures to stem the rapid fall of our cedi. The cedi shouldn’t be more than GH¢5 by the end of this year I think.’