On Bryt FM’s Adekyee Mu Nsem morning show with Kwamina Sam Binney, Dr. George Dumfe, a lecturer in Development Economics, shared his perspective on the current Bank of Ghana rates.
According to Dr. Dumfe, the official rate currently stands at 12.12 percent, while the black market rate is trading at about 14 cedis. He argued that the situation is unsustainable, emphasizing that earlier warnings given by experts were not heeded.
He explained that just about two weeks ago, the Bank of Ghana introduced an intervention bill which reduced the rate to 56 percent, but despite this, the dollar continued to rise rapidly.
He questioned what the country would do if such interventions were stopped altogether.
Dr. Dumfe further stressed the need for proper financial management and policy discipline in order to stabilize the economy and prevent further depreciation of the cedi.
Source:Mybrytfmonline.com/Pearlfaith
