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Ghana’s socio-economic landscape experienced several upheavals in the year 2014. This was evidenced by undersupply of vital utilities, public sector industrial actions and an increase in the general cost of doing business. The private sector had to grapple with the depreciation of the local currency for several months until it began stabilizing a few months ago. The depreciation of the cedi could have been avoided if the Central Bank had heeded to the advice by the Chamber and other members of the private sector to reverse the directive to restrict Foreign Exchange Accounts (FEA) and Foreign Currency Accounts earlier. It therefore came as no surprise that the cedi showed signs of strength when the directive was revised.

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