Cedi woes: IEA’s Kwakye to suggest ‘firefighting, short-term, medium-term & long-term’ options
The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has announced that he would be suggesting real, better ways to tackle the woes of the Cedi.
He noted that the New Patriotic Party (NPP) and the National Democratic Congress (NDC) have all performed badly in managing the local currency.
He recounted that the NDC, during their tenure, took the cedi-dollar rate from 1.20 at the end of 2008 to 4.20 at the end of 2016.
Currently, the governing NPP has taken it from 4.20 to 13.77 as of 16th May 2024.
“Both are very abysmal. No one should even dare tell us that one is better than the other,” he wrote on X.
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“Waiting to receive IMF disbursement to stabilise the bleeding cedi, which is not even sustainable, is a pity.
“Don’t our economic managers have other options? Watch out for my article next week suggesting a menu of firefighting, short-term, medium-term and long-term options.”
The currency hasn’t gained versus the dollar in the past 22 trading sessions, the longest streak, Bloomberg reported.
The currency hasn’t gained versus the dollar in the past 22 trading sessions, the longest streak according to data compiled by Bloomberg going back to 1994. The cedi traded 0.3% weaker at 13.9310 by 1 p.m. in London.
