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Wednesday, July 8, 2020

Ghana cedi stable because of Coronavirus – Sammy Gyamfi

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Communications Director of the National Democratic Congress, Sammy Gyamfi says the cedi is currently doing well because of the outbreak of Coronavirus.

According to him, the country’s business people currently are not importing so that has taken pressure from the cedi hence the reason why the currency is doing well on the world market.

To him, there is not a single intervention undertaken by the government and therefore with time, the government will see its smoothness level.

“The reason why we are seeing some stability is not because of any economic intervention put in place by this government, 37% of our imports comes from Asia and I’m telling you that there no single economic intervention that is bringing about this stability.

We are not the only country exposed to China but Our level of exposure is one of the biggest. We are talking 37% of our imports coming from Asia and as a student of economics you know that some of these things have a bearing on the figures.

If we’re not importing and businessmen are not going to China like they do the pressure on the Ghana cedi will go down and you’ll begin to see some stability. You can choose to celebrate that like the government is doing but very soon they will see their smoothness level”.

He mentioned that this is not the first time the country is seeing a temporary, cosmetic so-called stability.

Sammy Gyamfi noted that the true state of the economy is what people feel in their pockets and Ghanaians are really suffering because of the inept government economic policies that have taken monies from their pockets.

Source: Mynewsgh

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