Cedi Appreciation: Pure 'Economic Voodooism' . . . Something Is Fundamentally Wrong - Asani Tanoh
A Political analyst, Yaw Asani Tanoh has questioned government's efforts to stabilize the cedi.
The cedi is no more the worst-performing currency but among top-performing currencies in Africa, according to reports.
The Ghana cedi continues to gain strength against the US dollar and the euro.
Checks at some forex bureaus indicate that the cedi is going for ghc8 to the dollar as of Monday, 19th December 2022
President Akufo-Addo has attributed "the strengthening of the cedi" to “cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value, by speculators; the improvement of forex flows from remittances and the mining sector; and the reaching of a staff level agreement with the IMF for a US$3 billion package.”
However, Asani Tanoh has doubts.
Contributing to a panel discussion on Neat FM's 'Me Man Nti' programme, he said "this is not real".
"This is just surprising . . . looking at the last two months, from October, the rate at which the cedi depreciated not just on daily basis but hours more or less; if you are looking for a typical economic voodooism this is one form of it. We all want the cedi to appreciate but any Economist who will tell you this is real just hoot at him. The reality is there's something fundamentally wrong somewhere . . . you will see the reality after Christmas . . . "
"We are still doing the old things we have been doing so ask yourself, what have we exported or generated that is making the cedi gain that strength?" he quizzed.
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