..As Vice President Bawumia signs Gold 4 Oil Deal
Analysts are predicting further crush of the US Dollar against the Ghana Cedi by Monday as the Gold For Oil deal kicks in tomorrow.
The Vice President, Â Dr. Bawumia is expected to sign the deal tomorrow which will see the country save in excess of $300 Million Dollars every month.
This could spell further doom for holders of  Dollars as the US currency is expected to witness further tumble against the local currency.
Every month, Bank of Ghana spends in excess of $300 Million Dollars to support BDCs in the importation of fuel into the country.
But the advent of the Gold For Oil deal means Government no longer needs to make such commitments thus reducing pressure on the local currency.
There are projections the dollar could hit GH 6 cedis by next week, with a further tumble expected by the end of the month.
A Professor of Economics at Indiana University, Pennsylvannia, is on record to have described the move by Government of Ghana as a positive one which could begin the journey towards the resuscitation of the country’s economy.
On his twitter handle Prof. Sigfried Josefowizc posits “the recent sterling performance of the Ghanaian local currency against the dollar is quite significant and interesting. With news of the Gold For Oil set to commence next week, the dollar could suffer further downturn, Gh 6 cedi is likely”