Joe Jackson, a financial analyst at Dalex Finance, is hopeful that the local currency, the Cedi, would soon stabilize and trade with other important trading currencies, particularly the US dollar.
As a result of Ghanaians’ reluctance to pay a premium price for dollars, he claims that they will soon be unavailable on the market.
On TV3’s Ghana Tonight program, Joe Jackson made the observation that the government, on the other hand, will soon reveal its domestic restriction strategy to help Ghanaians deal with the current economic difficulty they were facing.
“It is a tough time but I expect that the rate will slow down. The rate will slow down because at this moment, it is very hard to find dollars to buy and most of the people we have, are giving up on buying dollars and are slowing,” he said.
“Very soon there will be no dollars in the market and we are going to see some stabilization because the government will announce domestic debt restructuring package,” Joe Jackson added.
Bloomberg on Thursday, October 20, 2022, reported that Ghana’s local currency – the cedi – has depreciated in value by 9.6%.
This, the news portal said, makes the total loss of the cedi in 2022 almost 52%, the highest recorded in 22 years.
The free fall of the cedi now places the currency at the 148 position of worst performing currencies in the world.
Meanwhile, Ghana is targeting an amount of $3 billion over a three-year period from the IMF once an agreement on a programme is reached.
The new amount requested as a loan is double the government’s initial target of $1.5 billion.
The IMF programme is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.