Economist and University of Ghana lecturer Professor Patrick Asuming has urged the public not to panic over the recent depreciation of the Ghana cedi, saying the currency remains relatively stable despite losses against major foreign currencies.
Speaking in an interview after a recent Reuters report on currency movements, Prof. Asuming said the cedi’s decline has so far been moderate and under control.
“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 noted that serious concern would only arise if the cedi came under heavy pressure and recorded sharp declines within 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 added that exchange rate fluctuations are normal in every economy and should be viewed within the broader economic situation rather than as isolated developments.
