Don't talk down the cedi - Stanbic Bank boss appeals

The Managing Director of Stanbic Bank Ghana Limited, Mr Alhassan Andani, has appealed to Ghanaians not to talk ill about the cedi, explaining that such comments erode confidence in the currency, leading to increased depreciation.

In his opening remarks at the Graphic Business/Stanbic Bank Breakfast Meeting Tuesday, Mr Andani said Ghanaians should rather be interested in how they could collectively support the cedi to strengthen against its major trading partners.

He said the state of the cedi was a reflection of the choices that the people make, hence the need for everybody to work together to help attain a sustainable exchange rate.

He also called for a frank and dispassionate discussion on the challenges facing the exchange rate.

Mr Andani, who is also the President of the Ghana Association of Bankers, further called on panellists and other economic actors to give up their best in finding and implementing solutions to curtail the protracted depreciation.

Last year, the cedi lost some 8.4 per cent of its value to the US dollar. It came under intense pressure in the first three months of the year, mainly due to increased repatriation of bonds by non-resident bondholders.

The Governor of the Bank of Ghana, Dr Ernest Addison, described it as an overshoot that has since normalised.

Read also: Let's be honest on how to tackle perennial cedi depreciation -- Graphic MD