The National Communications Director of the opposition party, National Democratic Congress (NDC), Sammy Gyamfi attributed the stability of the Cedi to the Coronavirus outbreak.
Sammy Gyamfi has stated that businessmen in Ghana are currently not importing goods and that has relieved the cedi of immense pressure hence the cedi is performing fairly well on the world market.
“The reason why we are seeing some stability is not because of any economic intervention put in place by this government, 37% of our imports come from Asia and I’m telling you that there no single economic intervention that is bringing about this stability.
We are not the only country exposed to China but Our level of exposure is one of the biggest. We are talking about 37% of our imports coming from Asia and as a student of economics, you know that some of these things have a bearing on the figures.
If we’re not importing and businessmen are not going to China like they do the pressure on the Ghana cedi will go down and you’ll begin to see some stability. You can choose to celebrate that like the government is doing but very soon they will see their smoothness level”.
