Dr. Vladimir Antwi-Danso from the Institute of Economic Affairs doubts Ghana's currency gains will last long. The economist believes the cedi will weaken again before the end of the year, despite its recent strength. Ghana's money has gained 24.1 percent against the dollar since January started. Antwi Danso told reporters Tuesday that the country needs major economic changes. He believes that only export-focused trade policies can keep the currency strong in the long term.
The expert warns that current policies are unlikely to maintain stable exchange rates over time. Ghana must stop depending on imported goods and start selling more products abroad. Antwi Danso predicts the cedi will lose value again around December based on technical analysis. He emphasized that his forecast is based on economic data rather than political opinions. The current appreciation does not deserve celebration because it lacks solid foundations.
Bank of Ghana Governor Johnson Pandit Asiama disagrees with these concerns about currency stability. He told business leaders Monday that strong economic fundamentals drive the cedi's recent performance. The central bank chief credits disciplined monetary policies and improved foreign exchange systems. Enhanced money transfer channels and better market oversight also support the stronger currency. Asiama emphasized that the bank avoids using foreign reserves to boost exchange rates artificially.
The expert warns that current policies are unlikely to maintain stable exchange rates over time. Ghana must stop depending on imported goods and start selling more products abroad. Antwi Danso predicts the cedi will lose value again around December based on technical analysis. He emphasized that his forecast is based on economic data rather than political opinions. The current appreciation does not deserve celebration because it lacks solid foundations.
Bank of Ghana Governor Johnson Pandit Asiama disagrees with these concerns about currency stability. He told business leaders Monday that strong economic fundamentals drive the cedi's recent performance. The central bank chief credits disciplined monetary policies and improved foreign exchange systems. Enhanced money transfer channels and better market oversight also support the stronger currency. Asiama emphasized that the bank avoids using foreign reserves to boost exchange rates artificially.
