The Managing Director of Guaranty Trust Bank Lekan Sanusi is urging currency analysts and economists to stop talking down efforts by the Bank of Ghana (BoG) to stabilize the cedi.
[contextly_sidebar id=”i2wLGlYemOiKHWrRF3fzn7Fd2XFDBRd8″]According to Lekan Sanusi such pronouncements and activities of speculators contribute to the unpredictable performance of the cedi.
The central bank since June 2015, has been injecting between 20 and 50 million dollars into the economy when needed to help arrest the free fall of the cedi in the short term.
Speaking to Citi Business News Managing Director of the Guaranty Trust Bank (Ghana) Limited Lekan Sanusi expressed confidence in the central bank.
“You can’t keep on criticizing the monetary authority i.e. the central bank, whatever they have done the objective would have been in the best interest of the country but of course you can’t also discount the fact that other economic agents within the economy or they could be outside the economy are also taking decisions and people could be betting against the currency for whatever reason. Therefore it is not particularly right to take a position and criticize the monetary authority.”
Managing director of the Guaranty Trust Bank (Ghana) Limited Lekan Sanusi asserted that’ a lot of importers are demanding for the currency at this time to pay their bills which is currently raising demand for the cedi’.
According to him ‘i will wish the banks and the central bank are able to meet demand which will help the cedi to stabilize which will help planning and economic agents.
The cedi since the beginning of 2015 has depreciated above 20%.
But the government believes the Cocobod syndicated loan, 1.5 billion dollar Eurobond, donor funding and other interventions by the Central Bank may save the situation.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana