19th October 2022 10:32:41 AM
2 mins readThe second Deputy-Governor of the Bank of Ghana (BoG), Elsie Addo Awadzi, is optimistic that the current economic turmoil will soon be a thing of the past.
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Describing the high inflation and rapid depreciation of the Ghana Cedi as a temporary situation, Madam Addo Awadzi stated that her outfit, together with the Finance Ministry, is working tirelessly to cushion the economy.
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She disclosed that with the proposed programme by the International Monetary Fund (IMF) both inflation and cedi depreciation will be stabilised.
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Speaking at the 21st annual RCB CEOs Conference held in the Volta Region, Madam Awadzi stated that, “recent global developments have heightened economic and business uncertainties for businesses and individuals. Our domestic economy is not spared from these developments.
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“The Bank of Ghana is working closely with the Ministry of Finance and other key stakeholders to negotiate a sound economic reform programme supported by the IMF, to stabilise and transform our economy,” she added.
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Ghana’s inflation rate has seen an astronomical hike in 2022.
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The Ghana Statistical Service (GSS) disclosed that inflation (year-over-year) soared by 3.3% to 37.2% in the month of September.
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This, according to GSS, is against 33.9% recorded in August 2022.
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The cedi, on the other hand, has been classified as the worst-performing currency in the world.
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The local currency is trading around GH¢12 to the US dollar at the forex bureaus or the retail market.
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Despite the economy being in shambles with hikes in basic commodities such as food, fuel, etc, the second Deputy-Governor of BoG is insistent that the economy will soon get back on track.
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She, thus, cautioned all and sundry to refrain from speculative behaviour which tends to aggravate the situation.
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“We at the Bank of Ghana are confident about the outlook for our economy. The current high inflation and cedi depreciation are temporary, and we must avoid speculative behaviour that only works against attaining stability sooner.”
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Source: The Independent Ghana
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