Economist and lecturer at the University of Ghana Business School, Professor Patrick Asuming, has attributed the recent public anxiety over the stability of the cedi to the Bank of Ghana (BoG).
His comments follow assurances from the Governor of the Central Bank, Dr. Johnson Asiama, who dismissed concerns about the local currency and emphasized that the BoG has taken firm measures to safeguard macroeconomic stability.
Reacting in an interview, Prof. Asuming said that while the Governor’s assurance is justified, the central bank’s handling of the cedi’s appreciation earlier this year partly triggered the current anxiety.
He explained that the recent depreciation is largely a correction, following what he described as an “unsustainable appreciation.”
Prof. Asuming also pointed out that international institutions such as the International Monetary Fund (IMF) and the World Bank had cautioned the BoG against excessive intervention in the foreign exchange market.
Prof. Asuming maintained that the Governor’s assurance was warranted.
