24
Oct
Global leader in financial services and US firm, JP Morgan has warned that the probable debt restructuring of Ghana’s debt would further weaken the Ghana cedi, even if an increase in Foreign Exchange Forward Auction sizes or reversal of the foreign exchange (FX) purchase policy results in short-term respite for the cedi. In its Emerging Market Quick Take on Ghana cedi’s performance, it said the Bank of Ghana’s decision to purchase dollars from mining and oil companies, inadvertently reducing forex availability within the inter-bank market is one of the reasons behind the falling value of the cedi. It also said…