Economist, Prof. Godfred Bokpin says, Ghanaians should be measured in their expectation for a further appreciation of the Ghana cedi.
For him, although the recent rise in the value of the cedi is refreshing, it is however not backed by any robust economic indicator thereby questioning its sustainability.
“Because it is not driven by strong economic fundamentals, you cannot say it is going to last.
But at least, what we have seen is good. It means the system is responding to the changes,” Prof. Bokpin said.
He stressed that, the relative stability of the cedi against the major trading currencies can largely be attributed to speculations due to some budgetary decisions and the Staff Level Agreement reached by the government and the International Monetary Fund.
“The cedi thrives on technicalities and general sentiments. When the sentiment is good, the cedi feels it also. The 2023 budget has also brought some clarity in terms of the way forward with the Staff Level Agreement. All of these things working together moderate the economic uncertainties.”
Source:Kwabena Nyarko Abronoma
