NEWSGENERAL NEWSJUST IN: Those Jubilating Cedi Appreciating The Dollar; Bad...

JUST IN: Those Jubilating Cedi Appreciating The Dollar; Bad News Finally Drops -DETAILS

-

Those Jubilating Cedi Appreciating The Dollar; Bad News Finally Drops -DETAILS.

Economist and Finance lecturer at the University of Ghana Business School, Prof. Godfred Bokpin, has said that the recent cedi’s appreciation is not driven by strong economic fundamentals.

According to him, even though it is a good sign, he believes the appreciation will be short-lived.

“Because it is not driven by strong economic fundamentals, you cannot say it is going to last. But at least, what we have seen is good. It means the system is responding to the changes,” Prof. Bokpin said in an interview during a roundtable discussion organized by the Citizen’s Coalition in Accra.

Bokpin charged the government to do more as the current debt exchange programme is not in a good shape.

“We have seen how the cedi is responding, but there is still a lot of work to be done. The Staff Level Agreement with the IMF is not the same as the programme. There is a lot of work because our debt level is unsustainable. The debt exchange in its current form is not in a good shape and may systematically weaken the balance sheet of the participating financial institutions,” he added.

He however urged government to ensure that the debt restructuring protects financial stability.

“If we are not careful, in our attempt to polish our public debt, we may be creating a crisis that will later come to bite us. Let us do the restructuring in a way that protects financial stability,” he noted.

“Because it is not driven by strong economic fundamentals, you cannot say it is going to last. But at least, what we have seen is good. It means the system is responding to the changes,” Prof. Bokpin added.

Source: www.ghanaweb.com

Latest news

Meet The Man Who Donated All The Money His Grandfather Gave Him To A Church And Landed A Fortune

A businessman and real estate developer, Kwadwo Saka Addo Mensah, has detailed the story behind how he became a...

Why Elon Musk Sell X For $33 Billion

Elon Musk on Friday evening announced he has sold his social media company, X, to xAI, his artificial intelligence...

Two Landguards Arrested For Stabbing 2 At Kasoa Ofaakor

The Kasoa Ofaakor District Police Command in the Central Region has arrested two suspected landguards for stabbing two individuals...

Hair Relaxers Linked To Increased Breast Cancer Risk In Ghanaian Women – Details

Hair relaxers, used by many Black women for sleek, straight hair, may pose a significant breast cancer risk. The Ghana...

We’ve Not Frozen Richard Nii Armah Quaye’s Bank Accounts – GRA

The Ghana Revenue Authority (GRA) has dismissed claims that it has frozen the bank accounts of businessman Richard Nii...

Parliament Approves GH¢31.7 Billion Budget Allocation For Ministry Of Education

The Parliament of Ghana has approved a total sum of GH¢31,772,464,382.00 to finance the operations of the Ministry of...

Must read

Meet The Man Who Donated All The Money His Grandfather Gave Him To A Church And Landed A Fortune

A businessman and real estate developer, Kwadwo Saka Addo...

Why Elon Musk Sell X For $33 Billion

Elon Musk on Friday evening announced he has sold...

You might also likeRELATED
Recommended to you