BY CHAMBERLAIN ODEY, JOS – The Ghana national currency, the Cedi, has put up a good exchange ranking in the international exchange system, being the second best, especially since the restoration of democratic governance in 1992.
The Cedi maintained a depreciation rate of 8.73% against the US dollar.
A press statement by the Centre for African Economic Watch, indicates that apart from the period between 2005-2008 when a depreciation rate of 6,77% was recorded, it has never been so good for the Cedi, sating the “current government of Ghana under the leadership of Nana Addo Dankwa Akuffo-Ado has posted the second best of the annual average rate of Ghanaian Cedi depreciation against the United states Dollar since 1992”.
Signed by the Executive Director, Zakari Abdur-rahman Cisse, also indicated that “from the data analysed, the best record of the annual average rate of cedi depreciation was 6.77% which was recorded between 2005 and 2008.
The current rate of 8.73% recorded under the current government led by Nana Akuffo-Addo, represents the second best record in 27 years”.
The Release also indicates that the Cedi’s worst ever during the almost three decades period occurred between 1993 and 1996, when the currency recorded an annual average depreciation of 27.95%, and 25.19% between 1997 and 2000, “all under the NDC government of Jerry John Rawlings”, noting further that the Cedi’s worst years occurred between 2009 to 2012 under John Evans Atta Mills, and that it depreciated even faster under John Dramani Mahama an average of 18%.
The CAEW expressed the view that although the management of the Ghana national economy is commendable, the government can do better, and accordingly urges it to “institute mechanisms to curb fiscal indiscipline, especially in an election year 2020 to reduce further pressure on the Cedi”.