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Where are the managers of the cedi? - Franklin Cudjoe quizzes

President of Policy Think Tank, IMANI Africa, Franklin Cudjoe has expressed concern on the depreciation of the Ghanaian cedi against major currencies.

President of Policy Think Tank, IMANI Africa, Franklin Cudjoe with Nana Addo

The US dollar is selling at between GH¢5.00 and GH¢5.20. 

Meanwhile, some currency dealers are trading GH¢5.30 and GH¢5.32 for a dollar.

Ghanaian importers have expressed worry over the depreciation of the cedi against foreign currencies like the US dollar and the pound.

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Ghanaians are facing economic hardships following the sustained depreciation of the cedi. 

The government has taken a firm stand by rolling out comprehensive strategies and enforce revised rules introduced by the Bank of Ghana to arrest the continued depreciation of the cedi. 

Dr Mahamudu Bawumia, had said that the NPP government had performed far better in managing the depreciation of the Ghana cedi in relation to the US dollar than the erstwhile Mahama-led NDC administration.

Making reference to data from the Bank of Ghana (BoG)to buttress his point last year, Dr Bawumia said: "The Cedi exchange rate increased from 1.1 to 4.2 to the dollar between 2008 and 2016. At the time we assumed office, the cedi exchange rate was some 4.2 cedis to the dollar. Today, if you look at the Bank of Ghana data, it is at 4.75 to the dollar. It is, therefore, absolutely clear and incontrovertible that we, as a government, under Nana Addo Dankwa Akufo-Addo's leadership, and the management at the ministry of finance; and the Bank of Ghana, it is clear that we have managed the exchange rate much better than our predecessors."

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But Franklin Cudjoe is worried about the local currency against major trading currencies.

In a Facebook post, President of Policy Think Tank wrote: "What is going on with the Ghanaian CEDI?. It is just sliding against all major currencies. Where are the managers?"

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