Palgrave Boakye-Danquah, the government's spokesperson on governance and security, reaffirmed the government's commitment to stabilizing the Ghana cedi by the end of the year.

He claimed that one of the main factors contributing to the recent devaluation of the cedi and one for which the government and Bank of Ghana have taken action is dealing with speculation.

Although the devaluation of the cedi has increased the cost of conducting business in the nation, according to Palgrave Boakye-Danquah, he is optimistic that the rate of depreciation of the local currency would slow down and provide relief to enterprises.

He pointed out that, "the dollar had strengthened against the other major foreign currencies, leading to the depreciation of the Yen, Pound and the Euro,” Palgrave Boakye-Danquah told Accra-based Original FM 91.9

He charged industries to increase their productive capacity to stimulate job creation, adding that “we cannot continue to be a nation of importers.”

Bloomberg has tagged the Ghana cedi as the best-performing currency against the US dollar this week.

After being compared to some 150 currencies across the globe, the cedi emerged as the best-performing currency against the dollar this week (for the past 5 days).