|Audio Attachment:Dr Akoto Osei on 'Kokrokoo'|
Dr Anthony Akoto Osei, Minority spokesperson on Finance has expressed his doubts on government’s ability to sustain the steady rise of the cedi.
According to him, the cedi has appreciated some major foreign trading currencies because government has injected a lot of dollars into the ‘system’. Some of these foreign exchange (dollars) according to him, were borrowed and others were from donor support.
Speaking to Kwami Sefa Kayi on Tuesday’s edition of ‘Kokrokoo’, Dr Akoto-Osei said it will be difficult for government to continue borrowing money to be ‘injected into the system’, adding by August, the cedi is likely to depreciate again.
“Is this sustainable, I don’t think so… Around this period people are not really trading with the US Dollar; however in August the demand for the dollar will rise again…You cannot sustain it by borrowing our way out of the trouble,” he stated.
The Ghana cedi over the past weeks has appreciated against the dollar by some 22 percent, the biggest appreciation in recent times, according to financial analysts.
Click the audio above to listen to Dr Akoto Osei
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