Ghana’s only hope to stop the free fall of the cedi will depend on an announcement of an economic programme with the International Monetary Fund (IMF),  US-based Associate Professor of Finance at Andrews University in Michigan, Professor Williams Peprah, has stated.

The cedi hit ¢13 to one US dollar yesterday, October 19, 2022, and further surged to ¢13.75 in just a day (October 20, 2022).

Already, members of the Ghana Union of Traders Association (GUTA) closed their shops to express their displeasure about the government’s handling of the economy.

Professor. Peprah told Joy Business an IMF bailout is the only way out for Ghana to stabilise the economy.

“As we have seen that the cedi is fast devaluing against other currencies, the only hope that we have now is to get Ghana into an IMF programme. And history gives us this hope that anytime Ghana goes for an IMF programme, we see inflation rate becoming stable and reduces”.

“The seasonality of the Ghanaian economy affects all governments and indeed the foundation of the Ghanaian economy is very weak; and that is why we have seen the sharp decline and devaluation of the cedi, he explained.

Professor Peprah further expressed the hope that Ghanaians can survive the current inflation rate of 37.2%.

“We are hoping that the IMF bailout will help us to find a sustainable economy”.