Professor Lord Mensah, a senior lecturer at the University of Ghana Business School (UGBS), has criticized the government’s handling of the economy.
The UG lecturer in his critique highlighted the Cedi’s recent struggles against the US dollar.
Prof. Mensah took to X formally known as Twitter on May 14, 2024, to express his concerns about the country’s economic trajectory.
He noted that the Cedi’s depreciation directly responds to underlying economic issues that the government has obscured.
“The Cedi is now responding to the hidden picture of our economic mismanagement. Too much hope in the dollar now. When you continue to lie about the economy, the exchange rate will expose you,” Prof. Mensah tweeted.
The Interbank forex rates from the Bank of Ghana as of May 15, 2024, showed that the Ghana Cedi was trading against the dollar at a buying price of 13.7161 and a selling price of 13.7299.
At a forex bureau in Accra, the dollar was being bought at a rate of 14.50 and sold at 14.85.
Against the Pound Sterling, the Cedi is trading at a buying price of 17.2590 and a selling price of 17.2777.
At a forex bureau in Accra, the pound sterling was being bought at a rate of 17.90 and sold at a rate of 18.50.
The Euro traded at a buying price of 14.8350 and a selling price of 14.8497.
At a forex bureau in Accra, the Euro went for a buying rate of 15.45 and sold at 15.95.
The Cedi is now responding to the hidden picture of our economic mismanagement. Too much hope in the dollar now. When you continue to lie about the economy, “the exchange rate will expose you”.
— The Prof (@stigue2001) May 15, 2024
Source: www.ghanaweb.com
