The Member of Parliament for Ketu North, Eric Edem Agbana, has expressed optimism that the Ghanaian cedi will soon become more stronger against the US dollar than it currently is.
According to him, the local currency, which is presently selling at around GHS11 to the dollar, is on track to appreciate further and could soon trade below GHS8.
The cedi has made gains against major foreign currencies in recent weeks, appreciating by about 24.1% since January.
Speaking on Accra-based TV3’s New Day show on Monday, May 26, the NDC MP credited the improving performance of the cedi to the efforts of Finance Minister Dr. Cassiel Ato Forson, Bank of Ghana Governor Dr. Johnson Asiama, and Goldbod CEO Sammy Gyamfi.
“And I know very soon the cedi will break the eight. We’ll get to a point where the dollar will be less than eight cedis.
“I am confident in Dr. Ato Forson, in Sammy Gyamfi, and in Dr. Johnson Asiama. They are doing a great job managing the economy. The forex is doing well. Ghana is on the right path, and I am happy because my government is performing,” he said.
Mr. Agbana also highlighted the impact of forex activities on local markets, especially the exchange rate between the Ghanaian cedi and the CFA franc.
He noted that the cedi had strengthened against the CFA, with the rate falling to as low as GHS19.5 per 1,000 CFA francs on Saturday, May 24 — a significant drop from GHS27 recorded in December.
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Comments
The cedi will soon break the 8, sell below GHS8 per dollar — Edem Agbana. So, what has changed in our fundamentals? Are we producing more for the 1.5 billion consumers on the continent? Do we have a trade surplus instead of a deficit? Is the government deploying better technology across all sectors, the reason for the Cedi's appreciation against the dollar? Is it the 24-hour economy or getting rid of dumsorization for good that is doing the trick? Is it due to higher consumer...