The depreciation of the cedi to the dollar is getting scarier by the day and when top economists said the artificial pumping of dollars into the system won’t save the cedi, people didn’t understand. This is the reality we find ourselves in today. An economy the government needs more dollars to pay loans and interest than corporate bodies need dollars to transact business is a disastrous economy.
Dzifa Gunu, a bigwig of the National Democratic Congress has predicted that the dollar will exchange for GHc10 cedis by the end of the month. This is after the gentleman revealed that GHc9.20 is needed currently to exchange for just 1 dollar.
Schools, and hotels are charging fees in dollars, and lands and cars are sold in dollars. Buying or renting houses are also quoted in dollars which causes the demand for the dollar to rise. Today, almost everything you do in Accra is in dollars and even Ghanaians need dollars to live in Ghana more than the cedi how then can we create demand for the Cedi?
Now if Ghana invests more into industrialization and begins to export more than we import it would mean the foreign countries would rather need to convert their money to cedis. Which would be used to pay for the goods they buy from us and this will create a demand for the cedi and the price will go higher.
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National Democratic Congress