Financial literacy expert Patrick Baah Abankwah predicted that the US dollar to cedi rate might drop even more in a few weeks. He explained this in an interview on SVTV Africa with DJ Nyaami.
According to Patrick, the significant reason the rate kept increasing daily was that “some people who are politically inclined are using the media to be feeding the rate to be going up. Once that happens, the rate increases daily because people are fueling it.”
Patrick indicated that this caused importers to buy and keep the dollar when they did not need it due to the hike. The financial literacy expert mentioned that the recent slowdown resulted from governmental control or involvement.
“A week ago, the government met Forex Bureau owners and the Banks on how they can stop this thing. Suddenly, we have seen the dollar drop. That should tell you that I said the leading cause of the depreciation was speculation.
Because this is the time they (importers) should even buy more. If they are buying more, then it should go up, but rather, the dollar rate is dropping and stabilizing.”
Moreover, Patrick stated that the government should have taken action weeks ago to avoid the chaos when speculations heightened.
“Now the government has decided that if you go against the law as a forex bureau, licenses will be taken. That is what the government should have down. It puts everyone on their toes.
That is how you manage the dollar situation until Ghana becomes an export country where we export more than we import. If the government decides to blow horns on it that it is in the market now, we should expect that it will drop further. We should expect that it will come down to GHS11 at the end of the year,” he said.
Kindly watch the full interview below;
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