Former President John Dramani Mahama has urged Ghanaians to remain calm amid growing concerns over the declining value of the cedi, cautioning against the rush to convert foreign currency into cedis.
Speaking at a stakeholder meeting in Accra to discuss his proposed 24-Hour Economy policy, Mahama addressed public unease surrounding the cedi’s recent depreciation. He stressed the need for realistic expectations about the exchange rate, warning against speculation.
“I don’t foresee the cedi ever reaching parity with the dollar. A one-to-one exchange rate is neither feasible nor beneficial—it would damage our export sector,” he said.
Acknowledging the current market volatility, Mahama expressed confidence in the Bank of Ghana’s capacity to manage the situation. He assured the public that the central bank is closely monitoring the currency and will act if necessary to keep the cedi within sustainable bounds.
“I trust the Governor of the Bank of Ghana is watching developments carefully. Should the currency fall beyond acceptable levels, I believe timely action will be taken,” he added.
He urged those holding U.S. dollars or other foreign currencies not to panic.
“There’s no need for panic conversions. If you haven’t exchanged your dollars yet, it’s hard to predict how far the cedi might go. Let’s be patient and trust that the central bank is on top of the situation,” Mahama advised.
His comments come as debate continues over Ghana’s economic direction and currency stability, with the 24-Hour Economy proposal positioned as a strategy to enhance productivity and strengthen economic resilience.
Source; mynewsgh
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