The Cedi will go down some more – Joe Jackson

A Financial Analyst and Chief Operating Officer of Dalex Finance, Mr Joe Jackson has predicted the Ghana Cedi will depreciation even more against major trading currencies in the coming days.

He made the comment on Ghana Tonight on TV3 Thursday, October 19, monitored by GhanaPlus.com.

He however, noted he is expecting the rate of the depreciation seen in the past few weeks to slow down due to unavailability of dollars in the system.

“It a tough time, really tough time and I like it when you say in the rate of depreciation because it going to go down some more but I expect that the rate will slow down,” Joe Jackson said.

He explained “The rate will slow down because really at this moment it is even very hard to find dollars to buy and most of the people have given up on buying dollars and are slowing down”.

Joe Jackson said announcement of domestic restructuring by government will also help slow down the depreciation.

“Am also expecting that the government will soon announce measures that will indicate to the market that it is serious about reducing its expenditure. Now that measure, the biggest one will be the domestic restructuring when that happens, when it is announced, I expect the rate of depreciation of the cedi to slow down”.

Mr Jackson attributed the rapid fall of the Ghana Cedis against major trading currencies in recent times to luck of confidence in the currency adding that he was optimist government’s domestic restructuring programmes will help store the confident.

Joe Jackson was reacting to the rapid depreciation of the cedis beginning from March this year.

The cedis as at today, October 20 is trading at ₵13.50p against the US dollars.

It is also said to be the worse performing currency in the world, depreciating as much as 3.3% on Monday, October 16, alone to the US dollar.

Source: GhanaPlus.com