Two billion teachers' fund now valued at $900million due to cedi depreciation – Kwame Pianim

A renowned economist, Kwame Pianim, has decried the constant depreciation of the cedi that is making it difficult for Ghanaians to develop a stable savings and investment culture.

According to him, the depreciation of the currency has derailed the savings of most Ghanaians and has also caused most investments to go down the drain.

The economist said the constant inconsistencies in the performance of the cedi further dwindle the state of investments and encourage speculation that further causes depreciation.

“The Teacher's Fund I helped establish for them would have been valued at around one or two billion dollars fund if not for the mismanagement of the cedi; even though I think it is about $900 million now. So, we need to stabilize the currency,” he said during his speech at the UPSA Annual Leadership Lecture on December 11, 2023.

He added that with the rate of depreciation, the country has to find a way to stabilize the currency to boost investor confidence.

SSD/NOQ

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