Currency Analyst Collins Appiah has expressed confidence that the Ghanaian government will take measures to prevent the cedi from depreciating to GH¢18 against the US dollar.
This comes in response to projections from several financial analysts suggesting that the cedi could fall to between GH¢16 and GH¢18 per dollar.
Banking Consultant, Dr. Richmond Atuahene, said while Bloomberg and other analysts predict the cedi will reach GH¢16 per dollar, he anticipates it could drop even further to GH¢18.
But Mr. Appiah explained that, the government is likely to intervene to maintain currency stability, especially considering the upcoming election year.
He stated, “I am not sure the government will allow that to happen, they will not allow because as an analyst, trust me, we are in an election year. The government will want to do whatever they can to maintain some level of stability to be able to go into the elections he said on Starr FM.
Mr. Appiah acknowledged the challenges but expressed belief that the government would take action to stabilize the currency in the short term.
He noted that predicting post-election currency movements is more uncertain.
ALSO READ:
Cedi depreciation shot up cement prices – COCMAG
