IMANI Africa President, Franklin Cudjoe, has indicated that the recent stability recorded by the Ghana Cedi cannot be attributed to the efforts of the Bank of Ghana.
Franklin Cudjoe stated that the appreciation of the cedi in recent weeks is a result of external forces of which the activities of the Central Bank cannot be said to be a contributory factor.
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Speaking to journalists, Franklin Cudjoe indicated that Ghana is benefiting from the declining economic fortunes of China since their economic activity has significantly reduced affecting the demand for dollars for trading activities in China by Ghanaian businesses.
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He, therefore, called on Ghanaians not to jubilate yet since the tables can turn around anytime soon.
“The plummeting fortunes of China, and to think that most of our traders are no longer externalizing our dollars outside of the country has also impacted. I think it is early days yet to start jubilating. The stability of the currency so far, it is not necessarily any stellar effort by the central bank even though the forward sale of currency is useful,” the founding president of IMANI-Africa told the media.
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