Ghana Cedi depreciating against US Dollar at the fastest speed - Economist

Economic analyst, Jerry Afolabi has admonished the Economic Management Team under the current New Patriotic Party (NPP), to up their game following what he says is the speedily depreciation of the cedi against the US dollar.

Mr. Afolabi told Kwame Tutu on Rainbow Radio 87.5FM that, the speed at which the cedi is depreciating against the dollar, is worrying. The situation he lamented has affected businesses with prices of goods and services hitting record high.

Vice President Dr. Mahamudu Bawumia in April touted the ability of government in ‘’arresting the dollar and locking it up and handing the key over to the IGP.’’

In a humorous manner whilst delivering a 40-minute presentation, at a town hall meeting organised by Joy FM to assess the 100 days of President Akufo-Addo in office, the Vice President said “When we came in, it [cedi] was running, essentially we have arrested it [cedi], and the IGP has the keys, he’s locked it up, we want to make sure we pursue sound policies to keep the cedi stable, it has appreciated for this year

“Inflation has come down from 15.4 per cent when we came into office to 12.8 per cent now and we’ve restored confidence in the macro economy by anchoring fiscal policy on credibility, clarity and transparency.’’

However, Jerry Afolabi says the situation has changed sharply and would urge the team to take immediate steps to arrest the free fall of the cedi.

He also expressed disappointment in that statement insisting that, at the time the vice made the comments, the reality on the grounds did not support his claims.

He was also worried at the dollarization of goods and services in the country and called for that to stop otherwise; we will continue to have the cedi depreciate against the dollar.

There is no import driven country with a strong local currency, he said.