Very Soon There Will Be No Dollars In the Market; Cedi Will Stabilize – Analyst

The Cedi is going to stabilize soon, a financial analyst at the Dalex Finance, Mr Joe Jackson has said.

Soon, he said, there will be no more Dollars in the system.

The Cedi has been struggling against the major trading currencies especially the Dollar but Mr Jackson said more people are giving up on the Dollar, forcing them to rely more on the Cedi to trade.

This is most likely to help stabilize the Cedi against the Dollar, he said.

Speaking on the Ghana Tonight show on TV3 with Alfred Ocansey on Wednesday October 19, he said “It is a tough time but I expect that the rate will slow down. The rate will slow down because at this moment, it is very hard to find dollars to buy and most of the people we have, are giving up on buying Dollars and are slowing.

“I am also expecting that the government will soon announce measures that will indicate to the market that it is serious about the reducing its expenditure.

“The measures, the biggest one is going to be debt restructuring, when that happens I expect the rate of the Cedi depreciation to slow down.”

He stressed “Very soon there will be no dollars in the market and we are going to see some stabilization because the government will announce domestic debt restructuring package.”

The Bank of Ghana (BoG) said the fall of the Cedi against the Dollar and also the high inflation rate (32.7%) are temporary.