Prof. Godfred Alufar, an economist at the University of Ghana, has reaffirmed Vice President Dr. Mahamudu Bawumia's position on the bad condition of Ghana's exchange rate.

He claims that there are basic issues that need to be addressed that are the cause of the local currency's decline.

The Ghana cedi has recently come under a lot of strain, falling more than 50% against the US dollar to trade at an all-time high of GH 16.

Prof. Bokpin emphasized the need for the government to act quickly to arrest the cedi in this week's issue of BizTech.

He also explained that Ghana’s economic crisis cannot be solved by ‘magic’, therefore pragmatic steps must be taken to ensure that the crisis comes to an end.

On calls for the resignation of the Finance Minister, Prof Bokpin said, “that is not the only change we want. Beyond that, it will not amount to so much just changing the finance minister. We must go a step further and reduce the number of ministers and the government size overall, including the staff at the presidency.”

He also stated that the government must fast-track its negotiations with the International Monetary Fund in order to secure the expected financial support as soon as possible.