The Institute of Economic Affairs (IEA) Research Director, Dr John Kwakye, has cautioned the public not to be carried away by the recent performance of Ghana cedi against the US dollar.
This is based on how well the local currency has been performing over the past few weeks of December 2022.
Dr Kwakye expressed fears that the performance of the cedi against the dollar may not endure for long.
According to him, there is the need for the government to support it with an improved economic fundamentals to ensure it’s appreciation does not fall.
“Unless the cedi is backed by improved economic fundamentals, its stability will not last. The current stability is riding only on the back of reduced speculation,” the IEA Research Director tweeted.
Meanwhile, as of Thursday December 15, the Cedi has been purchasing at GHS7.9975 to a Dollar and selling at GHS8.0056 to a Dollar, according to the Bank of Ghana’s (BoG) exchange rate.