To stabilize the ailing currency, the Bank of
The present reform, according to the VP, will favour the country’s economic plight and restore it back to the progressive track it earlier threaded.
The reforms will go a long way in restoring legal requirements for doing business and reduce the “dollarisation” of its economy, as well as help local and foreign investors create a competitive environment that guarantees adequate returns on investment, Amissah Arthur noted.
Speaking at the fourth annual African AmCham (
The apex bank also reported that the Cedis lost 7.8 percent in January alone against the dollar, preceded by a 14.6 percent slump in 2013.
The US slowdown in bond purchases is seen as the trigger of this decline, as it fuelled currency volatility in emerging economies and threatened
Local businesses are beginning to feel the brunt following the heightened prices of imported goods on the local market, which is slowing business activities, as local producers find it cumbersome to procure raw materials, while consumers are battling with lower purchasing power.
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