There is more to be done to revive the Cedi – Economist Patrick Asuming
An Economist Dr. Patrick Asuming has stated that although the cedi has slowed down its depreciation against major trading currencies, there’s still more government needs to do to stabilize it.
The rate of depreciation of the Ghana cedi to the US dollar slowed down on Tuesday, following weeks of free fall as the government takes decisive action to tame the ailing local currency.
The local currency strengthened by 1.97% to the dollar at some leading forex bureaus. It traded at ¢15.20 to one US dollar on the forex market on October 24, 2022.
Dr. Asuming noted that “a few days of apparent stability does not show that there is a turn around in the economy”.
He said there the need to observe the currency for a few more days to be sure that the local currency is back on course.
The cedi has also improved in value against the pound and the euro, going for ¢15.7 and ¢13.55, from the ¢16 and ¢13.90 it traded on Monday, October 24, 2022.
The progress not withstanding, some speculators are suggesting the Cedi will trade at Ghs. 20.00 to the US Dollar.
Dr. Asuming says even though one cannot “begrudge those who predict the dollar will rise further”.
“Let us not get too excited. It is early days yet” he added.