Second Deputy-Governor of the Bank of Ghana (BoG) Mrs. Elsie Addo Awadzi
Second Deputy-Governor of the Bank of Ghana (BoG), Mrs. Elsie Addo Awadzi, has reassured that the situation is temporary despite high inflation and a rapidly depreciating local currency that have caused economic turmoil this year. Her organization is working hard to keep it under control with the proposed program with the International Monetary Fund, she said (IMF).
According to data from Ghana Statistical Services (GSS), the cedi is currently trading around GH12 to US$1 – suggesting a 50% depreciation since the beginning of the year. Inflation for September touched 37.2 percent, the highest reported in more than 21 years (since June 2021).
Despite how alarming these numbers are, the Second Deputy Governor says she is optimistic about the economy’s future given the plans the Ministry of Finance and the BoG have submitted to the IMF for a program to transform the economy. She also cautions that everyone should avoid speculative behavior because it tends to make matters worse.
One thought on “High inflation, Cedi fall only temporary – BoG”
Comments are closed.