Red flags have been raised over the falling value of the cedi and its impact on enterprises since the beginning of this year, 2022.
In contrast, Odeneho Kwaku Appiah (COKA), a former chairman of the ruling New Patriotic Party, believes that currency fluctuations are a normal consequence of floating exchange rates, which are the standard for most large economies.
COKA acknowledged that times are tough in an interview with Joel Nana Yaw Mensah of the Oyerepa Breakfast show on Monday, October 24, but she attributed some of it to recent rumors created by Ghanaians.
He claims that the currency market reacts unfavorably to speculative noise to a greater extent.
“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 said that a country’s economic performance may affect the exchange rate, but that there was always hope.
I want the people of Ghana to know that hope is not lost. The exchange rate may decrease concurrently with a rise. But for now, let’s keep it in check.
It’s a guaranteed method to revive our economy, he insisted.