The Cedi is expected to continue its strong performance against the American dollar going into 2021.
This is according to some analysts in the country.
The cedi in recent times has witnessed one it’s strongest performance against the greenback as it has since January this year depreciated by some 3 per cent against the dollar.
Speaking to norvanreports, President of the Association of Financial Market Operators, Kofi Asare, noted that projection comes on the back of BoG’s strong reserve position and expectations of the BoG to manage dollar demand pressure in the first quarter of 2021.
“Depending on how the economy opens up and economic activities normalizes, they will be an impact on what people do and how they behave. Also, oil prices stabilizing will help the country’s balance of payments and most people compared to other countries will be looking at Ghana as a frontier market based on the liquidity of the bond market,” he asserted.
The BoG’s reserves currently stands around $9 billion.
