ACCRA, April 24 (Xinhua) -- In spite of the turbulent times Ghana's local cedi currency goes through annually, the country will retain the current flexible exchange rate regime, Governor of the Bank of Ghana Ernest Addison has said.
Ghana's cedi currency performed abysmally during the first three months of 2019. As of the first week of March, the currency had plunged more than 8 percent against the U.S. dollar, exchanging at 5.60 cedis to one U.S. dollar from an exchange rate of about 4.49 cedis to the U.S. dollar in last December.
The exchange rate depreciation resulted in increases in the prices of commodities such as petroleum products, medications, imported food items, clothing and vehicular spare parts, among others.
The governor attributed the annual fall in the value of the cedi to persistent demand pressures as Ghana's economy remained import-dependent.
He said that the country's development needs would be better served with a flexible exchange rate regime.
