An American professor of applied economics at Johns Hopkins University Steve H. Hanke has reacted to the cedi depreciation.
The economist has taken to his Twitter page to describe the Ghana currency as a junk currency per the way the cedi has depreciated since the beginning of January.
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The Ghana cedi has breached the GH¢15 to the dollar mark within just a week, selling at ¢14.80 at most forex bureaus or the retail market. The cedi depreciating this week from GHc11.50 to GHc15. A lot of Ghanaians have expressed concern about the depreciation of the dollar.
The finance minister, Ken Ofori Atta in a recent reaction to the cedi depreciation assured that the problem will be solved and asked Ghanaians not to panic but stay calm.
In reaction to the ongoing economic crisis, the American economist Steve Hanke has taken to his Twitter page to say that the way the cedi has depreciated by over 48%, the currency is now a junk currency.
“In #Ghana, the #cedi is going down the tubes. By my measure, the cedi has depreciated by ~48.4% against the USD since Jan. 1, 2022. That puts the cedi in the tank as junk currency”.
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