Currency Analyst Collins Appiah expressed confidence that the Ghanaian government would take steps to prevent the cedi from depreciating to GH¢18 against the US dollar.
This response follows projections from various financial analysts indicating that the cedi could decline to between GH¢16 and GH¢18 per dollar.
Banking Consultant Dr. Richmond Atuahene stated that while Bloomberg and other analysts forecast the cedi reaching GH¢16 per dollar, he believes it could drop further to GH¢18.
However, Mr. Appiah clarified that the government is expected to intervene to uphold currency stability, particularly in light of the upcoming election year.
He stated, “I am not sure the government will allow that to happen, they will not allow because as an analyst, trust me, we are in an election year. The government will want to do whatever they can to maintain some level of stability to be able to go into the elections he said on Starr FM.
Mr. Appiah recognized the difficulties but remained optimistic that the government would intervene to stabilize the currency in the near future.
He highlighted that forecasting currency fluctuations after the election is more unpredictable.