Business News of Wednesday, 3 April 2019Source: Myjoyonline.comBawumia blames cedi depreciation on IMF restrictionsplay videoVice President Mahamudu BawumiaVice President Dr Mahamudu Bawumia says the sharp depreciation of the Ghana cedi can be blamed on restrictions by the International Monetary Fund (IMF) for the Bank of Ghana to build its foreign reserves to about $800 million. Dr Bawumia said “the most important and the proximate cause of the recent depreciation is the time inconsistency of an IMF prior action of the reserve target. Mr Ofori-Atta said the recent depreciation of the Ghana cedi was not as a result of weak economic fundamentals, an argument supported by Professor of Economics at the University of Ghana, Eric Osei Assibey. Trading 1 cedis for $4.9 on January 27, 2019, the dollar hit 5.6 to a cedi by March 17, 2019, triggering widespread panic by businesses. The Ghana cedi was trading at GH¢5.35 Wednesday morning against the US dollar.

Source: GhanaWeb April 03, 2019 19:41 UTC