The Vice Chancellor of Methodist University of Ghana, Professor William Baah-Boateng, has welcomed President John Dramani Mahama’s prediction that the Ghanaian cedi will experience moderate depreciation in the coming months.
Speaking on Citi FM’s Breakfast Show, Prof. Baah-Boateng described the outlook as encouraging for the economy.
According to President Mahama, the cedi’s depreciation is expected to remain within a 5% annual band, attributing recent fluctuations to natural adjustments rather than renewed instability.
Prof. Baah-Boateng believes this stability would be beneficial, noting that a 5% fluctuation at the current rate of GH¢12 would translate to a manageable 60-pesewa movement.
He praised Ghana’s progress in managing inflation, crediting the cedi’s appreciation and improved food supply during the harvest season. However, he cautioned that demand for foreign exchange may surge ahead of the festive season, emphasizing the need for the Bank of Ghana to meet this demand to maintain stability.
