Economist Professor William Baah-Boateng has called on the Bank of Ghana (BoG) to prioritise the stability of the cedi to safeguard the economy from the adverse effects of frequent currency fluctuations.<\/p>\n
Speaking on the\u00a0Citi Breakfast Show<\/strong><\/em>\u00a0on Monday, October 20, Prof. Baah-Boateng said maintaining a stable exchange rate would help businesses plan effectively, adding that both appreciation and depreciation of the cedi could harm the economy.<\/p>\n \u201cStability is the best. Appreciating and depreciating are not the best. I\u2019m concerned about the recent one. We were at GHC12 and straight away we\u2019re moving into the GHC10, when you calculate the percentage, it will go around 20% and it will hurt some aspect of the economy and benefit some aspect of the economy. But when you put them in totality, you will see that the economy will not benefit,\u201d he said.<\/p>\n He explained that the recent appreciation of the cedi could reduce government revenue and negatively affect export margins, particularly in the cocoa sector.<\/p>\n \u201cNow that it [cedi] has moved from GHC12 to GH10, expect that government revenue will take a hit. It will reduce the margin of export of cocoa. The appreciation will erode almost everything, and farmers will not benefit as they would,\u201d he cautioned.<\/p>\n Prof. Baah-Boateng further urged the BoG to prevent sharp swings in the value of the currency.<\/p>\n \u201cI\u2019m expecting that the Central Bank will not allow the cedi to go up and come down. When we got around GHC10.5, we shouldn\u2019t have allowed it to depreciate to GHC12.5 and now come back to GHC10.5; that kind of difference is too big,\u201d he said.<\/p>\n His remarks come amid recent concerns by University of Ghana economist Professor Godfred Bokpin, who warned that Ghana\u2019s increasing focus on the cedi\u2019s exchange rate could undermine broader economic stability.<\/p>\n","protected":false},"excerpt":{"rendered":" Economist Professor William Baah-Boateng has called on the Bank of Ghana (BoG) to prioritise the stability of the cedi to safeguard the economy from the adverse effects of frequent currency fluctuations. Ghanaian Events Calendar Speaking on the\u00a0Citi Breakfast Show\u00a0on Monday, October 20, Prof. Baah-Boateng said maintaining a stable exchange rate would help businesses plan effectively, […]<\/p>\n","protected":false},"author":123457,"featured_media":13630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[9,3525,3949,41],"tags":[2121,4044,4210],"class_list":["post-13629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-exchange-rate","category-general-news","tag-bank-of-ghana-2","tag-exchange-rate","tag-prof-baah-boateng"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13629"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13629\/revisions"}],"predecessor-version":[{"id":13631,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13629\/revisions\/13631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/13630"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}