Former finance minister predicts a depreciation of the cedi; says recent appreciation is temporary

Former finance minister predicts a depreciation of the cedi; says recent appreciation is temporary

A former deputy minister of finance, Fiifi Kwetey, has claimed the recent appreciation in the value of the cedi is temporary.

Per a Citinewsroom.com report, he explained that he expects the cedi to fall, as the government only adopted a temporary measure in dealing with the currency.

Kwetey added that the government’s capital injection into the economy as a means to stop the currency from depreciating would not solve the challenges with the economic fundamentals responsible for the currency’s depreciation.

A man giving a presentation

Fiifi Kwetey Source: Starrfmonline.com
Source: UGC

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He went on to say the government took a similar action in the year 2018 to stabilize the currency when it was being exchanged at about GHc 4.7 to a dollar, but that stability was short-lived.

At a point, the cedi was trading at GHc 5.80 to a dollar, but it began gaining strength this week after a government intervention, which was actually expected to yield evident results within two weeks.

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