Minority Leader, Alexander Afenyo-Markin has dismissed claims that the Ghana cedi's current stability is a sign of economic recovery, describing the development as "hollow" in the absence of active trade and business confidence.
Speaking on Citi Eyewitness News on Tuesday, May 6, Afenyo-Markin reacted to news that the cedi is now trading at GHS13.10 to the US dollar, cautioning that the lack of economic activity is masking the true pressure the currency should be under. "If there is lack of trading, there is no trade fluidity in the economy and you're talking about the cedi being stable, you haven't achieved anything," he argued.
The Minority Leader stressed that the apparent stability is unsustainable in the long run, warning that once stock levels fall and import demand rises, the cedi could quickly come under strain. "With time those who have stock will have stock going down and there will be the need for them to import and then enough pressure will come," he said.
He accused the Mahama administration of creating a temporary illusion of economic calm and failing to build a truly resilient and responsive system. "Let us create a very organic economy where we will not create a certain impression only for a temporal period.
