Accra, Ghana – The cedi’s woes may not be ending anytime soon, according to Prof. Patrick Asuming, an economist and Senior Lecturer at the University of Ghana Business School. The local currency has been struggling, trading at 16 cedis to the US dollar in the retail market.
In an interview with Radio Ghana , Prof. Asuming cautioned that past measures to stabilize the currency, such as securing foreign inflows, may not yield the desired results this time around. He attributed the cedi’s decline to Ghana’s heavy reliance on imports and foreign financing, which puts pressure on the currency.
Without long-term solutions, Prof. Asuming fears the cedi could weaken further, potentially reaching 18 cedis to the dollar. His warning highlights the need for sustainable economic strategies to address the cedi’s struggles and ensure economic stability.
Ruth Abla ADJORLOLO
