Govt must declare an immediate national emergency to rescue the Cedi – John Kwakye

Dr. John Kwakye, Director of Research at the Institute of Economic Affairs (IEA), has urged the Ghanaian government to declare a national emergency to address the cedi’s alarming depreciation.

Kwakye highlighted that significant appreciation of the cedi is unlikely, making it essential for the government to consolidate expert efforts. Over the past three years, the cedi has lost about 74% of its value against the U.S. dollar, depreciating by 30% in 2022, 27.8% in 2023, and nearly 29% in 2024.

The IEA cited several factors for further depreciation risks, including election uncertainties, potential changes in the IMF program based on the election outcome, unresolved debt negotiations, and a weak cocoa crop with limited loan options for Cocobod.