Joe Jackson, the Acting Chief Executive of Dalex Finance, has asked Ghanaians not to confuse national behaviour with speculative behaviour so that we can continue to do the good things that will bring the cedi’s value to a level that will be good for all of us.
He says the next tranche of the IMF fund will help lessen the rate of the depreciation to some extent following the currency’s poor performance against the major international currencies in recent years.
Mr. Jackson was lauding the government’s Gold for Oil policy saying it has so far contributed in some way, towards curbing the rate of the cedi depreciation.
“Let us not confuse national behaviour with speculative behaviour so that we can continue to do the good things that will bring the cedi’s value to a level that will be good for all of us. Over the next few weeks, we are expecting the next IMF tranche to come so once it comes, we are expecting the cedi’s depreciation to be halted or even slightly reversed,” the finance expert said on Ghana Tonight on TV3 Monday, July 01, 2024.
He, however, advised that the IMF tranche is only a temporary measure and the government should adopt long term policies to address the menace holistically.
“That is a temporarily relieve and not long or medium term. There are things we still have to do to bring the depreciation down,” he further advised.
His comments come on the back of the Finance Minister’s claim that the fall of the currency is as a result of speculation on the market, blaming Isaac Adongo, a Ranking Member on the Finance Committee of Parliament, for contributing to same.
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 Mr. Jackson, who said speculation alone cannot be blamed for the challenge, noted that national behaviour should not be exchanged for speculation.
Stop blaming COVID-19 for cedi’s woes – Joe Jackson to politicians
