Depreciation of the cedi, Mismanagement or External shocks?
Mr Yayra Koku has taken to his Facebook page to share what he makes on the depreciation of cedi.
According to the former Officer in charge of biometrics at the National Identification Authority, in his analysis, indicated the Cedi has begun seeing some stability soon after the first trench of the Cocoa syndicated loan arrived.
In making his submissions, he quizzed if the depreciation of the cedi is no longer because of the Russian and Ukraine war?
He mentioned for the fact that, it’s as results of mismanagement if inflows could stabilize the Cedi.
Here’s what he makes on the depreciation of the Cedi;
“We see some stability of the CEDI because the first tranche of the $1.13bn cocoa syndicated loan, which is $790 million, has hit the BoG account.
This has boosted the Ghana cedi and shored up its value against the US dollar. The funds will be used to finance purchases of cocoa beans.
The sad news is that the money will finish by Monday, and the Cedi will go back to jail. This should tell you that our economic mess is largely internal and not any Russia-Ukraine war.”
Just yesterday, the central bank reported on the new changes which have been recorded with regards to the stability of the Cedi against major trading currencies. The Cedi is currently trading around 13 cedis to the dollar which is in the right direction.
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It’s of the hope that, the Cedi stabilizes and to bring the economy back on track. This I’m sure is the hope of all Ghanaians around this time
Source: Yayra Koku, Facebook page
