Business News of Tuesday, 18 August 2020Source: www.ghanaweb.comCedi has depreciation slowest under Akufo-Addo – Buaben Asamoa insistsplay videoCommunications Director of the New Patriotic Party, Yaw Buaben AsamoaCommunications Director of the ruling New Patriotic Party (NPP), Yaw Buaben Asamoa, believes that diversification of the economy by his government has caused the rather slow depreciation of the country’s currency against the US dollars. According to him, given all the previous political administrations as against the three years of the Akufo-Addo-led government, the cedi can be said to have depreciated at its slowest pace. The Ghana cedi, which has been unstable against other international currencies over the past few years, saw a depreciation rate of about 13 percent against the dollar in 2019, per data compiled by Bloomberg. The about 13 percent decline in the value of the cedi is comparable to the about 8.8% depreciation in 2018, 4.45% in 2017 and 9.2% in 2016. In spite of all these, Mr Asamoa maintains the interventions by the Akufo-Addo government has relatively began to shore up the cedi given that it is not an international currency.

Source: GhanaWeb August 18, 2020 15:33 UTC