The cedi is stable because gov’t is not spending – Afenyo Markin

Alexander Afenyo Markin, the Minority Leader in Parliament, spoke about the Ghanaian cedi. He stated that the cedi is stable because the Mahama government is not spending.

Afenyo Markin emphasized that this stability is not due to Finance Minister Dr. Cassiel Ato Forson. He explained that contractors are not being paid, leading to less money circulating in the economy.

He mentioned that many businesses have not received payments since the government took office. According to him, only limited funds are being released for specific expenses like fuel for officials.

Dr. Cassiel Ato Forson expressed confidence in the cedi's future performance. He believes it will do well based on economic fundamentals and their efforts so far.

In an interview with Channel One TV, he reiterated his faith in the cedi's strength. The cedi has shown slight gains against major currencies like the US dollar.

Currently, the Central Bank reports a buying price of GH¢13.89 and a selling price of GH¢13.90 for one dollar. The British pound is bought at GH¢18.45 and sold at GH¢18.47, while the euro trades at GH¢15.73 buying and GH¢15.75 selling.