Come clean on cedi-dollar exchange rate - Economist to Finance Minister

Chartered economist, Bernard Oduro Takyi has issued a challenge to the Finance Minister, Dr. Mohammed Amin Adam regarding the accuracy of the cedi-dollar exchange rate presented to the International Monetary Fund (IMF).

During the Annual IMF/World Bank spring meetings in Washington DC, USA, Dr Amin Adam expressed confidence in the country's economic outlook, stating that all necessary agreements had been reached with the IMF, with only the draft from official creditors remaining as an outstanding issue.

Dr Adam asserted that the Ghanaian cedi was performing well against the US dollar, citing an exchange rate of GHC11 to USD1.

However, Mr Oduro Takyi, also a member of the opposition National Democratic Congress (NDC), contested these claims, stating that the actual exchange rate was GHC13.5 to USD1.

He accused the minister of presenting misleading information to the IMF and emphasised that Dr Amin Adam's statements were aimed at portraying the government in undue favourable light.

Speaking on Accra 100.5 FM's evening news on Monday, April 22, 2024 Mr Oduro Takyi urged the minister not to underestimate the intelligence of Ghanaians with vague explanations about the economy.

He highlighted concerns about rising inflation, particularly in food prices, contradicting the government's projections.

While the government projected an inflation rate of 25.8 per cent, Mr Oduro Takyi asserted that the actual inflation rate on the ground was 28.6 percent.

He emphasised that despite positive indicators in certain areas, the government had failed to address key economic challenges such as debt-to-GDP ratio, exchange rates, inflation, and international reserves among others.

Mr Oduro Takyi concluded that the economy had not fully recovered and called for a more comprehensive approach to economic management.