'Urgent interventions needed to stop haemorrhaging of the Cedi' – John Kwakye

Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has called on government to devise strategic measures to stop the continuous depreciation of the local currency. His comment comes after the cedi was adjudged by Bloomberg the world's worst-performing currency against the US Dollar. Bloomberg reported that the cedi lost about 45.1% to the US dollar this year to sell at GH¢11.2625 per dollar. This makes the cedi's depreciation the worst among 148 currencies tracked by Bloomberg, overtaking Sri Lanka's rupee whose depreciation has been 44.7%. Reacting to this in a tweet sighted by GhanaWeb, Dr John Kwakaye said, “Urgent interventions are needed to stop the haemorrhaging of the cedi.” Meanwhile, Ghana is targeting an amount of $3 billion over a three-year period from the IMF once an agreement on a programme is reached. The new amount requested as a loan is double the government’s initial target of $1.5 billion. The IMF programme is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

Urgent interventions are neede to stop the haemorrhaging of the cedi. #FixTheCediNow— J. K. Kwakye (@JohnKwabenaKwa1) October 18, 2022 ESA/FNOQ