President John Dramani Mahama has addressed recent worries regarding the performance of the Ghanaian cedi, urging against alarm and reassuring Ghanaians that the Bank of Ghana is closely observing the situation.
While engaging stakeholders in Accra regarding his proposed 24-Hour Economy policy, Mahama paused to respond to increasing public concern over the decline of the local currency.
“And so I don’t envisage that some people say to come to one cedi, one dollar. No, that’s extreme. We’ll virtually collapse our export sector if that happens,” he said, dismissing speculation about a dramatic appreciation of the cedi to match the U.S. dollar.
Acknowledging present variations, Mahama conveyed trust in the central bank’s supervision and its preparedness to intervene should the cedi’s worth drop beneath a manageable threshold.
“But I think that the governor of the bank has an eye on it. And if it goes below a certain floor, I’m sure that the Bank of Ghana will make an intervention to make sure that it remains within a certain band that gives the true value of the cedi against other foreign currencies,” he explained.
He urged Ghanaians to remain calm, particularly those worried about the timing of converting their foreign currency.
“So don’t panic. And if you haven’t changed your dollars already, I don’t know how much lower it will go. But the governor has an eye on it and we’ll see how things go,” he added.
NKONKONSA.com
