Audio By Carbonatix
A lecturer in the Department of Finance at the University of Ghana Business School, Dr. Benjamin Amoah asserts that the constant depreciation of the cedi stems from weaknesses in the economy's fundamentals.
According to him, certain factors including inflation, unemployment, and interest rates have risen, and the government inability to control them has resulted in the free fall.
Speaking on Joy FM’s Top Story on May 14, he said “The fundamentals are definitely weak. We should not play jokes about it. The truth is that the fundamentals are very weak. What is the fundamental here? What is the inflation rate as we speak now and what is has been the inflation rate over time, very high. What is interest rate, that is the fundamental factor, it is very high."
“What is unemployment rate now? Unemployment rate is very high. What is our balance of payment position, it is very high and these are the very fundamentals that is used in accessing the exchange rate.”
He explained that addressing just one of the indicators does not resolve the depreciation of the cedi; rather, it requires effective management of each of these factors.
The cedi was trading against the dollar at GH₵ 11.98 but now hovering around GH₵ 14.80 at the forex bureaus resulting in a depreciation rate of close to 20% since the beginning of the year
Latest Stories
-
Alhassan Suhuyini makes Christmas donations to churches within Tamale North Constituency
3 hours -
Meet 81-year-old father of UCC Acting Vice-Chancellor, who recently graduated with an MBA
4 hours -
Did you know that Ken Ofori-Atta’s lawyer, Enayat Qasimi, is the ‘Ken Ofori-Atta of Afghanistan? – Kay Codjoe writes
4 hours -
Kidnap suspect arrested in Tamale as Police rescue victim after four days
4 hours -
Tema Oil Refinery resumes crude refining after years of shutdown
4 hours -
Kojo Antwi thrills fans with regal entry, marathon performance at ‘Antwified’ concert
4 hours -
Ofori Amponsah surprises KiDi at ‘Likor On The Beach’ 2025
5 hours -
Joy FM thanks sponsors, partners and patrons after spectacular 2025 Family Party-in-the-Park
5 hours -
‘Christmas babies’ and their mothers in Volta and Oti regions receive MTN hampers
5 hours -
One dead, another injured after accident at Atwedie
5 hours -
Maggi Waakye Summit draws thousands as Ghana’s biggest waakye festival returns
6 hours -
Western Regional Minister urges Ghanaians to use Christmas to deepen national cohesion
7 hours -
Thousands turn Aburi Gardens into a festive paradise at Joy FM’s Party in the Park
7 hours -
Source of GOLDBOD’s trading funds questioned amid reported $214m loss
7 hours -
Kind Hearted Beings Charity spreads joy during festive season
7 hours
