Business News of Tuesday, 31 December 2019Source: www.citibusinessnews.comCedi’s performance worst in 3-years ahead of election 2020Governor of the Bank of Ghana, Dr. Ernest AddisonThe cedi’s perennial struggles against the US dollar does not seem to go away as this year’s performance is rated as the worst in the three-year-old Akufo-Addo administration. Even the 2018 performance was worst off when compared to 2017 where the cedi showed a rare determination to shed 3.27 percent of its value against the US dollar. The inflows from the US$3billion Eurobond provided the Bank of Ghana with forex that was used to cure the shortage. Apart from the forex market conduct rules, the central bank also on October 1 this year, commenced forward sales purchases of forex. Per the schedule released by the Bank of Ghana, the central bank would have the highest auction of 80 million dollars each in January, February and March 2020.

Source: GhanaWeb December 31, 2019 18:45 UTC