Bolgatanga Central MP, Isaac Adongo, has likened the Ghanaian cedi’s struggles to a boxer who has taken several heavy punches but is now recovering from the wounds. According to him, while the cedi has endured severe depreciation due to economic mismanagement and external shocks, there are signs of gradual stabilization.
Speaking in Parliament, Adongo acknowledged the cedi’s past volatility, blaming reckless borrowing, poor fiscal policies, and weakened investor confidence for its sharp decline. However, he noted that recent interventions, including improved revenue generation and external financial inflows, have helped the currency regain some stability.
The cedi has been bruised, but it is trying to stand again. The question is, will the government sustain this recovery, or will we see another decline? Adongo questioned.
Despite his cautious optimism, he warned that without strong economic fundamentals, the recovery could be short-lived. He urged the government to adopt long-term strategies such as boosting local production, reducing imports, and ensuring prudent fiscal discipline to maintain stability.
Economic analysts have also echoed similar concerns, highlighting that while the cedi’s slight appreciation is a positive sign, Ghana’s heavy dependence on imports and external financing remains a major risk. The true test, they argue, will be whether the government can implement sustainable policies to protect the currency from future shocks.
As businesses and consumers watch closely, the big question remains—will the cedi’s recovery hold, or is another round of economic turbulence on the horizon?
Source https://x.com/ghonetv/status/1896848186209345963?t=CxlTcODXbImZZPM9_QccaQ&s=19