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  • Writer's pictureNana yaw Dynamic

Miracle needed to save Ghana cedi – Forex Bureaux Association

The Ghana Association of Forex Bureaux has issued a warning that only a miracle can save the Ghana cedi given the currency's current decline and historical trends during election years.

The cedi has fallen against the US dollar by 11% this year, making it one of the worst currencies in the world. VP of the Affiliation, Dr. Alex Akpabli attributes the currency's problems to increased election-related spending and economic instability.

Dr. Akpabli stated, "We are not doing things right, which is affecting the cedi." "Taking a gander at the patterns, and this year likewise being a political decision year, the public authority would need to spend a ton to be held. Even though that is the case, I am not politicizing. "From my encounters throughout the long term, I see no appreciation proceeding except if something emphatically or supernaturally occurs," he said.

We are not carrying out actions that will bring in foreign currencies. Without being creative, we will always see ourselves trapped in a vicious cycle. In view of his broad experience, Dr. Akpabli is skeptical that anything positive will occur without significant intervention.

Regarding Fitch's 2024 forecast of a 1.0% appreciation of the cedi against the US dollar, Dr. Ghana runs the risk of continuing its depreciation cycle in the absence of novel strategies to attract foreign currency, according to Akpabli.


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