Audio By Carbonatix
Economist, Dr Patrick Assuming says he is not too excited about the International Monetary Fund (IMF) bailout because the conditions are temporary.
According to him, the current cedi appreciation is not surprising because the IMF deal compelled speculators who were hoarding the dollars to exchange it for cedis.
Speaking on Joy Prime, Dr Assuming stated that this is just a restoration of Ghana’s previous losses.
“So let’s not put it as if the cedi has gained, I mean compared to 2 weeks ago yes but from where we started the year this is more or less a correction recovering some of the losses from earlier in the year”, he said on Wednesday.
The economist says he doubts that the local currency will “even get back to where we were at the start of the year.”
“Don’t forget that before all these economic news and movements we were sitting around six and half, my sense is that we will definitely not return to six and half, the best we could get all the way to will be 9 or 8 but we will not even get back to where we were at the start of the year,” Dr. Assuming indicated.
However, he believes there could possibly be a depreciation of the cedi if the conditionalities are not followed religiously.
On Tuesday, December 12, the IMF reached a staff-level agreement on a three-year $3 billion with the government.
This initiative is to help Ghana manage its economic crises and huge debts.
Latest Stories
-
Government identifies payment discrepancy holding up teachers’ strike resolution
8 minutes -
BoG signals no FX intermediation for October as GoldBod plans $1bn support for banks
11 minutes -
When share ownership becomes personal: The African mindset of the Dangote IPO
21 minutes -
Why MFWA Legal Fund matters to Ghana’s democracy
21 minutes -
Fuel prices to rise from October 1; diesel could hit GH¢19.60 – COMAC
22 minutes -
Parliament must investigate how 3.9 tonnes of cocaine left Ghana undetected – Samuel Jinapor
23 minutes -
Government pledges to pay striking teachers as payment dispute is resolved
37 minutes -
Government cannot investigate drug exports under its own watch – Abu Jinapor
39 minutes -
Government extends GH¢2 diesel subsidy for two more months
46 minutes -
GTEC flags over 100 tertiary institutions as unrecognised
48 minutes -
Agric Committee chair commends NAFCO for turnaround from GH¢20m debt to GH¢96m profit
53 minutes -
NPP: Judicial office requires judges to surrender some personal freedoms
58 minutes -
Senyo Hosi: Ghana missed its chance to end galamsey under Akufo-Addo
1 hour -
Okaikwei Central MP alleges Ghana was close to settling Tullow tax dispute for $150m
1 hour -
Patrick Boamah credits Godfred Dame for Ghana’s victory in $400m Tullow tax arbitration
1 hour