Ghanaian Cedi's Rise: Economist Warns Against Premature Celebrations

Ghanaian Cedi's Rise: Economist Warns Against Premature Celebrations Ghana is experiencing a period of economic fluctuation. The Ghana cedi has recently shown appreciation against the US dollar. However, economist Matthew Opoku-Prempeh cautions against celebrating this development prematurely. He stresses the need for a comprehensive analysis of the economic situation, focusing not only on exchange rates but also on the cost of goods and services. "It is too early to jubilate over the appreciation of the Ghana Cedis against the US Dollar," Opoku-Prempeh stated. He supports his point by citing the example of cement. The price of cement has increased significantly, even with the improved exchange rate. This illustrates that the benefits of the cedi's appreciation haven't fully translated to lower consumer prices. The economist emphasizes the importance of a stable economy for businesses to plan effectively. He points out the negative impact of fluctuating prices on business planning and economic stability. Opoku-Prempeh's insights provide valuable perspectives on the complexities of Ghana's economic situation and the importance of considering the broader picture beyond exchange rate fluctuations.