The cedi has been relatively stable against major trading currencies this year, according to Finance Minister, Ken Ofori-Atta.
Analysts had predicted that the cedi was expected to slightly depreciate due to the huge demand for forex and the size of external debt service.
According to them, the cedi was bound to face huge pressure in the second half of the year because non-residents are likely to take away profits that could be used for re-investment.
But presenting the 2021 mid-year budget review in Parliament on Thursday, July 29, 2021, the Minister painted a different picture insisting the cedi’s volatility has improved.
“The cedi has been relatively stable in the past four years and maintained its stability even in this pandemic year. For the first time in the Fourth Republic, the exchange rate did not see a spike after an election year,” he said.