Judging from the current downward trajectory of the Ghana cedi and historical election-year trends, only a miracle can rescue the local currency, the Ghana Association of Forex Bureaux has said.
The cedi has so far lost 11 per cent of its value to the US dollar this year.
It is currently one of the worst-performing currencies in the world.
Vice President for the Association, Dr. Alex Akpabli explained that while the tottering economy will not help matters, election-year spending would even make the case worse.
“We are not doing things right, which is affecting the cedi,” Dr Akpabli said.
“Looking at the trends, and this year also being an election year, the government would have to spend a lot to be retained. I am not politicising, but that is the case.”
“From my experiences over the years, I don’t see any appreciation going forward unless something dramatically or miraculously happens,” he said.
For Fitch’s projection that the cedi will gain about 1.0% against the US dollar in 2024, Dr. Akpabli told Joy News: “We are not doing things that will bring foreign currencies into the country. We need to be innovative. otherwise, we will always see ourselves in a vicious cycle”.
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