Dr Kwabena Nyako is the Deputy Secretary General of TUC
The Deputy Secretary-General of the Trades Union Congress, Dr Kwabena Nyako Otoo, has noted that despite the current appreciation of the cedi, what the economy needs most is long-term currency stability.
According to him, the recent performance of the cedi is encouraging and signals signs of economic recovery.
He made these remarks during a roundtable discussion on Productivity, Jobs, and Growth, held under the theme Productivity Ecosystems for Decent Work Project, and attended by Organised Labour, the Government, and the Ghana Employers’ Association.
“If you look at how much the cedi depreciated previously, it’s understandable that we are now jubilant about its appreciation. However, just like inflation and other macroeconomic indicators, extreme volatility in the exchange rate can be risky and harmful to certain sectors. What we really need is a stable exchange rate that allows businesses to plan both in the short and long term,” Dr. Nyako Otoo said.
He emphasised that extreme fluctuations are not ideal for the cedi and urged the government to continue working to stabilise the currency.
“But for now, given how far we’ve come, we should allow ourselves to celebrate a little, commend the government, and encourage further efforts to help the cedi regain some of its lost value and credibility. From an economic standpoint, what we need moving forward is not just appreciation, but a stable exchange rate, one that doesn’t fluctuate sharply,” he added.
SSD/MA