The Ghana Association of Forex Bureaux has warned that the Ghana cedi's current decline, combined with historical trends during election years, suggests that only a miracle can save the currency.With an 11 percent depreciation against the US dollar this year, the cedi ranks among the world's worst-performing currencies. Vice President of the Association, Dr.

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Alex Akpabli, blames economic instability and increased election-related spending for the currency's troubles."We are not doing things right, which is affecting the cedi," Dr Akpabli said."Looking at the trends, and this year also being an election year, the government would have to spend a lot to be retained. I am not politicising, but that is the case.

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""From my experiences over the years, I don't see any appreciation going forward unless something dramatically or miraculously happens," he said."We are not doing things that will bring foreign currencies into the country. We need to be innovative. otherwise, we will always see ourselves in a vicious cycle".Based on his extensive experience, Dr. Akpabli doubts there will be any positive change without significant intervention.

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Regarding Fitch's projection of a 1.0% cedi appreciation against the US dollar in 2024, Dr. Akpabli warns that without innovative measures to attract foreign currency, Ghana risks continuing its cycle of depreciation.

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