'Only a miracle can save cedi' – Forex Bureaux Association says, 'We're not doing things right'
Judging from the current downward trajectory of the Ghana cedi and historical election-year trends, only a miracle can rescue the local currency, the Ghana Association of Forex Bureaux has said.
The cedi has so far lost 11 per cent of its value to the US dollar this year.
It is currently one of the worst-performing currencies in the world.
Vice President for the Association, Dr. Alex Akpabli explained that while the tottering economy will not help matters, election-year spending would even make the case worse.
"We are not doing things right, which is affecting the cedi," Dr Akpabli said.
"Looking at the trends, and this year also being an election year, the government would have to spend a lot to be retained. I am not politicising, but that is the case."
"From my experiences over the years, I don't see any appreciation going forward unless something dramatically or miraculously happens," he said.
For Fitch's projection that the cedi will gain about 1.0% against the US dollar in 2024, Dr. Akpabli told Joy News: "We are not doing things that will bring foreign currencies into the country. We need to be innovative. otherwise, we will always see ourselves in a vicious cycle".
Source: classfmonline.com
Trending News
Voter registration: EC's 'lazy' approach 'worrying' - E/R-NDC says it won't tolerate it today
08:28Family of missing Ghanaian fisheries observer considers legal action as authorities withhold DNA test results
10:41Mahama encourages Ghanaians amid voter registration hurdles: 'Don't be discouraged'
07:25A/R: Teacher unions threaten strike over allawa dispute
08:50World Press Freedom Day: Africans embrace media's role in holding governments accountable - Afrobarometer
08:56Voter registration proceeding smoothly after initial challenges – EC assures
07:29Mahama donates motorbikes to Volta NDC
10:37AG’s advice to EOCO apt - Anti-corruption crusader
10:05Limited voter registration: Delay in kick off of exercise left registrants frustrated – UE/R NDC
07:03EC working to suppress votes – Suhuyini alleges
13:17