Since the beginning of this year, 2022, a number of red flags have been brought up about the falling cedi value and its impact on businesses.
Nevertheless, Odeneho Kwaku Appiah, a former Chairman of the governing New Patriotic Party, believes that currency fluctuations are a natural consequence of variable exchange rates, which is the routine in most large economies.
COKA admitted on Oyerepa Breakfast Show, Monday, October 24, that times are difficult but castigated it partly on Ghanaian presumptions.
He claimed that the more vocal the speculations, the more adversely the forex market reacts.
“I think it’s high time we as a people tone down on unnecessary speculations. Government admits times are hard, and it’s not only in Ghana. It’s a global phenomenon. Not a single country across the world is spared. So let’s tone down a bit. We’re not doing our economy any good by speculating. The panic reaction to the Dollar/Cedi rate is as a result of our usual ‘noise making’ which in the long run will do us no good.”
He added that a state’s financial efficiency could impact the exchange rate, but that there is still optimism.
“I want to assure Ghanaians that all is not lost. Just as there’s a rise, there could be a fall in the exchange rate. But for now, let us tone down. It’s a sure way to get our economy back in shape, he stressed.
Source: Oyerepafmonline.com
