The Ghana Trades Union Congress has faulted telecom operators in the country for the constant pressure on the cedi.
According to the TUC, most telcos hardly bring in any foreign currency beyond their initial capital investments; this implies that the Central Bank's injection of dollars into the Ghanaian economy is bought by the telcos for onward transfer out of the economy.
The development according to the TUC is a detriment towards efforts in curbing the constant speculative attacks leading to the depreciation of the Ghana cedi.
Meanwhile, financial analyst John Gatsi told Citi Business News that though the depreciation is a recurring cycle, speculation has been the major factors in its weakening.
�The depreciation of the economy is one thing every economy goes through but when it is fuelled by speculation in the market it becomes very difficult to handle� He said �Some may feel that once the cedi starts to lose its value, it is better to change it into foreign currency.�
He added that the election year also tended to distort the micro-economic indicators which could be detrimental to the cedi.
Source: GNA
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