The cedi will be stable – BoG governor

The governor of the Bank of Ghana (BoG) Dr.Abdul-Nashiru Issahaku has indicated that he is optimistic the cedi will be stable as a new year has started.

According to him, the local currency showed some level of stability in 2016, reducing some level of domestic inflationary pressures.

“The Ghana Cedi has remained broadly stable during the year and we are optimistic that the cumulative depreciation for the year will remain in the single digits.”

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“This stability in the Ghana Cedi has reduced the pass-through to domestic inflation, although inflation is still above target. We therefore need to sustain the macroeconomic stability to anchor expectations and to build shock absorbers in the face of continued volatility in the global economic and financial environments,” he said.

He said the bank has taken enough measures to ensure there is transparency ast all times.

“The establishment of our new Communications Department has assumed such a strategic role in our communication functions. As a department within the Bank, the goal is to proactively support the mandate of the Bank in ensuring price stability and ultimately contributing to economic growth.”

“The work of the department is to promote monetary policy communication as well as economic development communication. I want to urge you to continue to work with them in seeking feedbacks on the various aspects of our operations,” he added.

He also revealed that the Central Bank has also introduced a 24-hour Contact Centre to make their communication with all stakeholders more transparent than it was in previous years. He said the facility will have a built-in financial education section for the public.