According to him, the depreciation of the local currency is due to the day-to-day pressures on the Ghanaian economy.
Dr. Addison made this known when he appeared before the Public Accounts Committee of Parliament and said "It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted. The Central Bank cannot fix the exchange rate, it depends on what transactions have taken place…like payments to contractors."
"Typically that kind of payment can move the exchange rate because some of them immediately convert into foreign exchange. So the exchange really reflects a lot of day-to-day pressures in the economy," he added.