Businesses want government to sustain efforts geared at stabilizing the cedi to foster growth.
Following what they say is the relative stability of the local currency, the businesses fear they will be worse off should the minimal gains be eroded.
A cross section of businesses believe that the performance of the cedi for the first half of the year point to a positive gain for the period under review.
The Chief Executive Officer of Ghana Home Loans, Dominic Adu says the company’s cedi mortgage rate has dropped by 44 percent due to the phenomenon.
“If you were to ask us in December what our cedi mortgage rate would have been, I would have told you about 33-36%. As we are speaking, we are talking about say 18-20%. So there has been a significant impact on our cost of taking a mortgage with us which has come down almost close to half.”
BoG data indicates marginal drop in depreciation
Available data from the Bank of Ghana shows that as at the 19th of July, 2017, the cedi had depreciated by 3.9 percent to the dollar while depreciating by 8.7 and 11.8 percent to the British Pound and Euro respectively.
But a year on year analysis of the cedi’s performance shows that the local currency had depreciated by 3 percent to the dollar between July 2016 and the same period this year.The depreciation went up marginally from 3.8 to 3.9 percent.
The depreciation went up marginally from 3.8 to 3.9 percent.In relation to the British Pound, the cedi depreciated to 8.7 percent almost double the rate of appreciation of 8.9 percent in the same period last year.
In relation to the British Pound, the cedi depreciated to 8.7 percent almost double the rate of appreciation of 8.9 percent in the same period last year.The
The euro, on the other hand, witnessed a substantial rate of depreciation within the twelve months’ period.