{"id":1266211,"date":"2022-12-16T19:00:23","date_gmt":"2022-12-16T19:00:23","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/16\/cedi-performance-jubilation-well-placed-but-improve-macro-economic-mgt-to-hold-up-govt-told\/"},"modified":"2022-12-16T19:00:23","modified_gmt":"2022-12-16T19:00:23","slug":"cedi-performance-jubilation-well-placed-but-improve-macro-economic-mgt-to-hold-up-govt-told","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/16\/cedi-performance-jubilation-well-placed-but-improve-macro-economic-mgt-to-hold-up-govt-told\/","title":{"rendered":"Cedi performance: Jubilation well-placed but improve macro economic mgt to hold up &#8211; Govt told"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"419\"  alt=\"\" title=\"Ken ofori atta\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/1667216114_914_Ken-ofori-atta-696x419.webp\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"419\" class=\"entry-thumb td-modal-image\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/1667216114_914_Ken-ofori-atta-696x419.webp\"   alt=\"\" title=\"Ken ofori atta\"\/><\/noscript><figcaption class=\"wp-caption-text\">Finance Minister<\/figcaption><\/figure>\n<\/div>\n<p><strong>The Government of Ghana has been urged to improve on the macro economic management in order to hold on to the gains made by the Cedi against the Dollar in the long term.<\/strong><\/p>\n<p>The Cedi has since the start of December 2022, been gaining strength against the major trading currencies particularly, the Dollar.<\/p>\n<p>Per the Bank of Ghana (BoG) rate, the Cedi, as of Thursday December 15, was buying at GHS7.9975 to a Dollar and and selling at GHS8.0056 to a Dollar.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bank of Ghana Exchange Rates <a href=\"https:\/\/t.co\/HREBnMQezt\">pic.twitter.com\/HREBnMQezt<\/a><\/p>\n<p>\u2014 Bank of Ghana (@thebankofghana) <a href=\"https:\/\/twitter.com\/thebankofghana\/status\/1603652991269085185?ref_src=twsrc%5Etfw\">December 16, 2022<\/a><\/p>\n<\/blockquote>\n<p>This development is being celebrated by Ghanaians especially members of the governing New Patriotic Party (NPP).<\/p>\n<p>For instance, Nsawam Adoagyiri lawmaker Frank Annoh-Dompreh said \u201cMen at work indeed\u2026 We shall surely succeed on this and many others!..\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Men @ work indeed\u2026<br \/>We shall surely succeed on this &#038; many others!..<a href=\"https:\/\/twitter.com\/JDMahama?ref_src=twsrc%5Etfw\">@JDMahama<\/a> <a href=\"https:\/\/twitter.com\/MBawumia?ref_src=twsrc%5Etfw\">@MBawumia<\/a> <a href=\"https:\/\/t.co\/yMIxgfcofI\">pic.twitter.com\/yMIxgfcofI<\/a><\/p>\n<p>\u2014 Hon. Frank Annoh-Dompreh (@FAnnohDompreh) <a href=\"https:\/\/twitter.com\/FAnnohDompreh\/status\/1603670872966979584?ref_src=twsrc%5Etfw\">December 16, 2022<\/a><\/p>\n<\/blockquote>\n<p>Reacting to this trend, the Vice President of Imani Africa Bright Simons indicated \u201cThe people deserve this happiness after the stress of recent months. But the leaders should worry about ANY wild swings. Volatility of this type is a sign of fever not recovery,\u201d he said.<\/p>\n<p>He further explained that \u201cEventually a currency moves to its \u2018real effective exchange rate\u2019 as measured by macroeconomic differentials between Ghana and its main trading partners. That is the only guide to how the Cedi will perform over coming months.<\/p>\n<p>\u201cMacro management has to improve in Ghana for Cedi to hold up,\u201d he stressed.<\/p>\n<p>For his part, the Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye attributed the Cedi\u2019s improved performance against the Dollar to reduction in speculations in the financial market.<\/p>\n<p>Dr Kwakye asked the government to act immediately to consolidate the gains made.<\/p>\n<p>In a tweet, he said \u201cUnless the cedi is backed by improved economic fundamentals, its stability will not last. The current stability is riding only on the back of reduced speculation.\u201d<\/p>\n<p>He added \u201cThe cedi appreciation is a correction to largely speculation-fueled depreciation. However, the extreme volatility in the exchange rate is not good for the economy.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The cedi appreciation is a correction to largely speculation-fueled depreciation. <br \/>However, the extreme volatility in the exchange rate is not good for the economy.<\/p>\n<p>\u2014 J. K. Kwakye (@JohnKwabenaKwa1) <a href=\"https:\/\/twitter.com\/JohnKwabenaKwa1\/status\/1603217042114486272?ref_src=twsrc%5Etfw\">December 15, 2022<\/a><\/p>\n<\/blockquote>\n<p>\u201cThe question is how long will the cedi stability last? We have been here before. The way to ensure lasting cedi stability is to address the economy\u2019s structural weaknesses while building strong financial buffers,\u201d Dr Kwakye further stated.<\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister The Government of Ghana has been urged to improve on the macro economic management in order to hold on to the gains made by the Cedi against the Dollar in the long term. The Cedi has since the start of December 2022, been gaining strength against the major trading currencies particularly, the Dollar. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1239426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,3010,225,2063,1919,7886,29863,6400,1460,464,29864],"class_list":["post-1266211","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-economic","tag-govt","tag-hold","tag-improve","tag-jubilation","tag-macro","tag-mgt","tag-performance","tag-told","tag-wellplaced"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1266211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1266211"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1266211\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1266211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1266211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1266211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}