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Business News of Tuesday, 22 February 2022

Source: www.ghanaweb.com

Don't panic - Prof Turkson on Cedi depreciation

Local currency, Cedi Local currency, Cedi

Ghana Cedi depreciates

Pressure on Cedi normally depreciates in January, February - Prof Tuckson

Cedi now sells at GH¢ 7 at forex bureaux

An Associate Professor of Economics at the University of Ghana, Professor Ebo Tuckson, has entreated Ghanaians not to overly react to the free fall of the local currency, Cedi.

According to him, during the first two months of the year - January, February, the cedi normally depreciates, hence, there's no need for Ghanaians to panic over the cedi depreciate.

Speaking on the Joy Super Morning Show, on Tuesday, February 22, Prof Tuckson sad, “obviously coming from the fact that most FDIs with those generous investment packages normally repatriate their profits after a year...It’s something that we don’t need to panic. It normally happens around this time and it’s something that we should expect.”

“Our importers that do a lot of trading in Asia normally close their balances at this time of the year, hence, there’s normally unusual pressure on the cedi during the first two months,” he stated.

The local currency currently sells at GH¢7 against the US Dollar at some interbank forex market.

Professor Tuckson, therefore, called on the central bank - Bank of Ghana to put in drastic measures to ensure that the Cedi bounces bank.