Rising of imports weakening  the strength of Ghana cedi  against the dollar- Tain NDC  Communications officer

The Ghana cedi has ended with much depreciation against its major trading currency, the United States dollar as the communications officer for the opposition National Democratic Congress (NDC), Mr. Nkrumah Abayie (Oga), has stated, given augment in economic currency exchange for imports.

Data from market stock exchange shows the cedi, as of August 21, 2022 traded averagely with a dollar at GH₵10 comparatively representing high rate of depreciation.

However, according the communications officer, a feat that has never occurred in the recent past. But the performance of the cedi has lost its energy and depreciating uncanny.

The possible cause of the cedi depreciation, according to Mr. Abayie in an interview with Tain FM Anopa Nkommo, he reiterated that he can rightly states the commute of the cedi to highly pick ups in import activities relatively to local produce, which in the summary of Economic and financial outlook shows more pressure has being on the local currency in conviction attributes to the excel of the dollar now than compared with the cedi, hence the depreciation.

“In relative terms the depreciation is still getting worse than before, the taste of foreign goods in the country is the rudiment of the supremacy of the US dollar", he bemoaned.

The communications officer suggested that since the imports have risen highly, the country should realize to trade with the pounds sterling, suspiciously is that the cedi is depreciating because imports are supplying more than the local produce to inhibit the outbid of the dollar to the cedi.

He furthered that despite the cedi’s sudden loss of strength, Ghana in conviction can be optimism about the local currency, saying, when proper regulations about imports are carried out the cedi will be stable abate the depreciation. 

"However, I predict that more pressure will come on the cedi if we still import goods like rice, tomato pastes, toothpicks," he added.