Let’s not cannibalise on the situation-Prof Bokpin
An Economist, Professor Godfred Alufar Bokpin says the Ghanaian cedi is on course to exchange 15 to a dollar before the end of the year.
According to the Professor, the depreciation of the local currency will not stabilise anytime soon.
However, he has urged Ghanaians to be calm about the situation.
Speaking on Joy FM’s Super Morning Show on Thursday, Professor Bokpin told host, Winston Amoah that Ghanaians need not engage in panic withdrawals.
He explained that it will worsen the plight of the cedi.
“We are on course to go past GH¢15 to a dollar and here, I will urge calm to my fellow Ghanaians. We only have one country.
“Let’s not cannibalise on the situation. Let’s come on board and let’s exercise the necessary restraint and calm. We don’t need to do panic withdrawals.”
Some analysts have already predicted that the Cedi will hit GH¢20 to the dollar before the end of the year.
Currently, the fast depreciation of the Ghana cedi is in full force with no end in sight as the local currency is ¢13.75 to a dollar.
This is equivalent to about 12% depreciation in only four days of this week.
The local currency is also depreciating faster than the pound and euro. It is selling presently at about ¢14.05 to the pound and ¢12.10 to the euro.
Checks by Joy Business at some top forex bureaus in the capital, Accra, indicate that there is an acute shortage of US dollars.
The free fall of the cedi has already triggered protests by some traders who claim their cost of doing business has been surging week-on-week.
For instance, members of the Ghana Union of Trade Association (GUTA) have closed their shops to pinch the government to address the situation.
The protest will continue until Monday, October 24.
source: myjoyonline.com
