The Vice President of IMANI Africa, Bright Simons says government should be worried about the wild swings in the Exchange Rate.
“Volatility of this type is a sign of fever not recovery,” Simons tweeted on Thursday.
There is some jubilation on the streets as the Ghana Cedi surges against the dollar.
Bright Simons maintained “The people deserve this happiness after the stress of recent months.”
He also observed that the most intriguing thing about this trend, if it continues, is that “speculation becomes super-risky (if you sell, you will struggle to buy). This reduces turnover & suppress liquidity further reinforcing the trend.”
Interbank exchange rates announced by the central bank on Friday, October 16, 2022 saw the Ghana cedi continuing its steady appreciation on the forex market, selling at less than GH¢10 to the dollar.
The Central Bank is making earnest efforts to stem the local currency’s year-long spiral, with a range of measures including a crackdown on unlicensed black market sellers on the streets of Accra among others.