Economist and University of Ghana lecturer, Patrick Asuming, has urged calm over the recent depreciation of the Ghana cedi, insisting that the currency remains relatively stable despite recent losses against major foreign currencies.
Speaking on Joy FM’s Super Morning Show on Monday, May 25, following a recent Reuters report on currency movements, Prof Asuming said the cedi’s depreciation has so far remained within a manageable range.
“So far, we haven’t seen the wide range when we study the system. The Central Bank has been able to moderate swings. I think it is generally kept at a low level, and on that note, I don’t think we should start raising alarms,” he said.
He explained that concerns should only arise when the currency comes under sustained pressure and records sharp, repeated depreciation over a short period.
“If we begin to see so much pressure on the currency that, within a two-week period, we experience massive losses, then you begin to worry because that is when things get out of control,” he stated.
Prof Asuming stressed that exchange rate fluctuations are normal in any economy and should be assessed within the broader macroeconomic context rather than treated as isolated events.
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