Chartered Economist Emmanuel Amoah Darkwa has advised Ghanaians against jubilating over the appreciation of the Cedi against other foreign currencies, saying it is too early.
The Ghanaian cedi is currently trading 8 cedis to the US dollar according to the Bank of Ghana
Many Ghanaians, some government appointees, have taken to social media to jubilate over the recent gains of the cedi
However, Mr Darkwa says Ghanaians should not get overly excited about the appreciation of the cedi as the situation may change soon.
He explained that the Cedi could only be stable if the Government implemented measures such as reducing importation of basic commodities into the country.
“The demand for the dollar has reduced whereas crude oil has been reducing and these are some of the external factors but domestically, the Bank of Ghana introduced a policy that it would not support the importation of rice and other commodities, we can produce in Ghana.
“In addition, the demand for the dollar to import has decreased. The regulatory side against the black market is on track”, he said.
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