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Cedi to hit GH¢5.6 to a dollar by next quarter – Minority

The Minority has predicted the cedi will sell at GH¢5.6 pesewas for a dollar after the first quarter.

The cedi has come under some pressure again in recent days selling currently around GH¢5.30 pesewas to one dollar.

As at February 14, per the interbank exchange rate the cedi depreciated by 3.5 percent against the US dollar, compared to the 0.0026 percent appreciation in the same period last year.

“I won’t be surprised that the cedi in the next quarter will be hitting somewhere around GH¢5.6 pesewas to a dollar. This is because of the numbers that we are seeing,” the minority spokesperson on finance Cassiel Ato Forson told Journalists Accra Wednesday.

Cedi still performing better

Responding to concerns of the depreciating cedi, Vice President, who is head of the economic management team of the government said the cedi is still performing better now than it did under the Mahama administration.

“The Cedi exchange rate increased from 1.1 to 4.2 to the Dollar between 2008 and 2016. At the time we assumed office, the cedi exchange rate was some 4.2 cedis to the Dollar. Today, if you look at the Bank of Ghana data, it is at 4.75 to the dollar.

It is, therefore, absolutely clear and incontrovertible that we, as a government, under Nana Addo Dankwa Akufo-Addo’s leadership, and the management at the Ministry of Finance; and the Bank of Ghana, it is clear that we have managed the exchange rate much better than our predecessors,” he said.

Mr Forson, however, disagreed, arguing that the vice president’s assertion is untenable.

“I am surprised that he [the Vice President] had the courage to be able to maintain that position again,” he said.

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