Finance analyst, Joe Jackson, has said the depreciation of the Cedi cannot be solely attributed to speculation.
He says the dollar, which is the major currency the cedi has depreciated against, is not easy to come by on the market, causing it to depreciate.
“You may not agree with the sentiments but I’m not sure you can call that speculation. I’m not even sure that you can even attribute all that is happening strictly to speculation. Dollars are hard to come by and there is too much of cedis in the market. That’s our opinion in these quarters,” he on Ghana Tonight on TV3 Monday, July 01, 2024.
His comments come on the back of accusations by the Finance Minister, Dr. Mohammed Amin Adam, criticizing the Member of Parliament for Bolgatanga Central and Ranking Member on the Finance Committe, Isaac Adongo, for inciting negative sentiments against the cedi by encouraging people to purchase dollars for their business operations.
At a press conference on Monday, July 01, 2024, the Minister who also serves as the Karaga Member of Parliament, described Mr. Adongo’s actions as inappropriate.
He claimed that Mr Adongo’s comments were intentionally made to incite negative sentiments against the recent appreciation of the local currency.
But according to the Acting Chief Executive of Dalex Finance, the problem will even become worse if speculation isn’t the root of the challenge.
“If the root of the depreciation of the cedi is not in speculation, then the danger is that the good things we may be doing to help the cedi retain its value may not be continued or the good things we should be doing may not be done. Because there are some good things that we’ve done to keep the cedi’s value,” he indicated.
