The Bank of Ghana says it would increase the supply of dollars unto market to help maintain the cedis' stability.

The local currency which witnessed a sharp decline against the dollar earlier this year, has recorded some stability over the past weeks.

Speaking to Joy Business on the sidelines of the StanChart Africa Summit, Governor of the Bank of Ghana, Dr. Kofi Wampah, said this would be done carefully to ensure demands from the market are adequately met.

“Because now we are building more reserves, the Eurobond has help, but also the cocoa revenue has started coming in... gold, although the price is still lowest as we initially projected, that is also working to our advantage."

The governor adds that they are engaging operators of hotels to enforce their directive on pricing their services in dollars.

Meanwhile, the Vice President, Kwesi Amissah-Arthur is optimistic recent fiscal measures introduced by government would help stabilize the economy in the short term.

The economy is still going through some challenges in the areas of revenue mobilization and growth.

But giving the key note address at the Standard Chartered Bank Africa Summit here in Accra, the Vice President  said this challenge would soon be over.