There have been red flags raised over the plummeting cedi value against the dollar and its effect on businesses since the beginning of 2022.
However, a former Chairman of Afigya Kwabre South Constituency of the ruling New Patriotic Party, Odeneho Kwaku Appiah is of the view that the currency fluctuations are a natural outcome of floating exchange rates, which is the norm for most major economies.
In an interview with our News team in Kumasi, he admitted that times are hard but blamed it partly on speculations being made by Ghanaians in recent times. He said the louder the speculations, the more the forex market responds negatively.
“I think it’s high time we as a people tone down on unnecessary speculations. Government admits times are hard, and it’s not only in Ghana. It’s a global phenomenon. Not a single country across the world is spared. So let’s tone down a bit. We’re not doing our economy any good by speculating. The panic reaction to the Dollar/Cedi rate is as a result of our usual ‘noise making’ which in the long run will do us no good.”
Sounding hopeful, he added that a country’s economic performance could influence the exchange rate, regardless, there’s hope.
“I want to assure Ghanaians that all is not lost. Just as there’s a rise, there could be a fall in the exchange rate. But for now, let us tone down. It’s a sure way to get our economy back in shape,” he stressed.
By Benjamin Aidoo|AkomaFM|Onuaonline.com