Member of Parliament for Walewale, Tia Abdul-Kabiru Mahama, has expressed skepticism about the continued appreciation of the Ghanaian cedi, warning that the currency has likely peaked.
He urged the government to shift its focus from expecting further gains to maintaining the current stability.
Speaking on Channel One TV’s The Big Issue on Saturday, May 17, the MP observed that the pace of the cedi’s appreciation had slowed significantly since mid-week, with early market indicators suggesting a possible reversal.
“There is no way we can have a further appreciation of the cedi. If you observe the movement from Tuesday, it has not moved as fast as it was.”
Citing specific forex rates, he noted that as of Friday, May 16, the dollar was trading at GH₵12.40, but by the morning of Saturday, May 17, it had edged up to GH₵12.44 — indicating that the cedi has likely reached its strongest point in the current cycle.
“It has gotten to its best performing point. For me, I will be very surprised if you give it a stimulus that it will go further down again.
“I am fortified in this belief because it is also coming down, so it means people are now gravitating towards the dollar. Now we should try to ensure stability. The cedi will not go down further; it will take a miracle for the cedi to come down to 12 or 11,” he said.