Cedi Appreciation Is Artificial, Its Real Value Will Stare At Us Soon– Fifi Kwetey
Dec 22, 2022 9:59 AM
The newly elected General Secretary of the opposition National Democratic Congress (NDC), Fifi Fiavi Kwetey has cautioned the ruling New Patriotic Party (NPP) to stop gloating over the recent appreciation of the Ghana cedi against the United State dollar.
Mr. Fifi Kwetey, who has served as a Deputy Minister for Finance, Minister for Agriculture and Transports, respectively, says although the appreciation of the cedi is welcoming news to the people of Ghana because it will give them some form of reprieve, what is happening, however, cannot be sustained because it is artificial.
The real value of the cedi, he says, will soon be seen when those artificial factors driving the currency to appreciate die down.
“You know, when it is that you have a situation where the massive importation into your country is not happening because, somehow, you have put a system in place where people cannot have access to, for example, the dollars to be able to do the importation, you create an artificial appreciation of your currency.
“The same applies to different things that are happening as far as portfolio investors are concerned. So it is not anything to celebrate at all.
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