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Stop fueling speculation about the depreciation of the Ghana cedi

Stop fueling speculation about the depreciation of the Ghana cedi

Gabby Asare Otchere-Darko, a leading member of the New Patriotic Party (NPP), has urged the media to stop fueling speculation about the Ghana cedi’s depreciation against the US dollar.

While it is not the responsibility of journalists and analysts to fix the cedi, he believes that fueling speculation in media reports and commentary will not help the local currency’s fate.

Joe Jackson called Mr. Otchere-Darko, Director of Operations at Dalex Finance argument’s “ridiculous.”

“How can you look at this currency’s decline and say we shouldn’t talk about it?” The cedi’s role as a store of value has dwindled. If I had GH600 at the start of the year, it would have cost $100; today, it is $40. As a country that imports almost everything, this translates to a loss of 60% of our purchasing power.”

“I don’t think anyone who can afford it should keep their money in cedis.” Everyone wants to buy dollars, but there are none available because we haven’t suddenly increased the number of dollars available. As a result, the few dollars available are going to the highest bidders at higher rates. That is why we see ourselves in this spiral [situation],” he said on Citi FM/The TV’s Big Issue.

Also read: Pharmaceutical companies to return to cash and carry due to harsh economy

He believes that taking significant steps to restore stability is the only way forward.

“That significant movement will occur possibly when we complete the IMF deal or when the government clearly demonstrates that it is willing to reverse its mindset and cut expenditure significantly.”

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