I won't be surprised if $1 costs GH¢20 by the end of 2024 – Kofi Amoabeng

Businessman and founder of the defunct UT Bank and UT Holdings, Prince Kofi Amoabeng, has raised concerns about the rapid depreciation of Ghana's currency, the Ghana cedi.

He indicated that what is even more troubling is that the country is in an election year and data shows that the Ghana cedi plunges greatly during election years, myjoyonline.com reports.

Kofi Amoabeng, a retired captain of the Ghana Armed Forces, added that he would not be surprised if GH¢20 would be needed in exchange for $1 by the end of December 2024.

"My fear is that if the cedi to the dollar is now GH¢15 and we are just about getting to an election; the records are there that every time there's an election, there is a huge devaluation of the cedi.

"So, I wouldn't be surprised if the cedi by the end of the year is hovering around GH¢18 or 20," he is quoted as having said on Joy News AM Show on Thursday, May 16, 2024.

The former banker explained that Ghana's over-reliance on imports and the decline in exports are the main reasons for the dwindling value of the country's currency.

He pointed out that currently, the country's exports have reduced and that even its cocoa exports, which used to be significant, are now decreasing.

BAI/NOQ

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