He said Ghana’s currency is on course to hit 15 cedis to a dollar by the end of the year.
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We’re on course to go past ¢15 to a dollar by the end of the year - Prof. Bokpin warns
Professor Godfred Alufar Bokpin, an economist, has disclosed that the worse is yet to come in terms of the sliding cedi.
Professor Godfred Alufar Bokpin
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Speaking on Joy FM’s Super Morning Showon Thursday, Professor Bokpin told host, Winston Amoah that Ghanaians need not engage in panic withdrawals.
He explained that it will worsen the plight of the cedi.
“We are on course to go past GH¢15 to a dollar and here, I will urge calm to my fellow Ghanaians. We only have one country.
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“Let’s not cannibalise on the situation. Let’s come on board and let’s exercise the necessary restraint and calm. We don’t need to do panic withdrawals.”
Relatedly, members of the Ghana Union of Traders Association (GUTA) are protesting against the volatile exchange rates by closing down their shops in Accra.
Prof. Bokpin
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The protest is intended to push government to urgently address the depreciating cedi, high-interest rate, and soaring inflation.
In a press briefing after a three-hour meeting with some members of the Council of State ahead of the protest, the President of GUTA, Dr Joseph Obeng, said the resolve to close shops was a distress call to the nation.
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According to Dr. Joseph Obeng, the nation cannot continuously blame the economic problems on the Russia-Ukraine War and the COVID-19 which had no end in sight.
“Our immediate neighbours in this global village are Cote d’ Ivoire, Togo, and Burkina Faso. If they have not been consumed by these global phenomena, then, there is something fundamentally wrong with our economy.”
“Government should adopt other alternative currencies like the Chinese Yuan to reduce the pressure on the Dollar, especially. There should be the immediate implementation of the road map set out to flush out all illegal foreigners in the retail trade sector,” said Dr Obeng.
The protest will end on Monday, October 24, according to the group.
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