Professor Lord Mensah, a Senior Lecturer at the University of Ghana Business School (UGBS), has raised concerns over the nation’s current economic outlook.
Taking to X formerly known as Twitter on April 9, 2024, he highlighted the negative impact a depreciating currency like the Ghanaian Cedi could have on the affordability of essential commodities.
“The depreciation of the Cedi is making the consumption of petrol products expensive. Ghana does not have alternative exports to neutralize this effect.
“Therefore, the continuous depreciation. Cocoa was doing the trick, but the sector is in comatose. The mess is deep, menua!” he said.
The Interbank forex rates from the Bank of Ghana as of April 8, 2024, have shown that the Ghana Cedi is trading against the dollar at a buying price of 12.9117 and a selling price of 12.9247.
At a Forex bureau in Accra, the dollar can be bought at a rate of 13.20 and sold at 13.60.
Against the Pound Sterling, the Cedi is trading at a buying price of 16.3062 and a selling price of 16.3251.
The depreciation of the Cedi is making the consumption of petrol products expensive. Ghana does not have alternative export to neutralize this effect. Therefore, the continuous depreciation. Cocoa was doing the trick, but the sector is in comatose. The mess is deep, menua!— The Prof (@stigue2001) April 9, 2024
Source: www.ghanaweb.com
