BoG rejects EIU projection on the Ghana cedi hitting GHC6

May 29, 2019

Governor of the Bank of Ghana has downplayed projections from London based Economists Intelligence Unit (EIU) that the Ghana cedi could witness another round of serious depreciation in the coming months.

Dr. Ernest Addison said, “I don’t think that these projections are plausible especially to be able to project the exchange rate for three years that is really a daring thing to do and you will find that such projections more often than not do not turn out to be correct because the horizon is too far out.

He added, “But I can tell you that our objective is to keep the cedi as stable we can and also keep our inflation on target. We should expect that the cedi would remain stable over the short to medium term on the basis of that fact that we are currently fairly well positioned in terms of the level of international reserves we have.”

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