{"id":73406,"date":"2024-05-16T06:22:15","date_gmt":"2024-05-16T06:22:15","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer"},"modified":"2024-05-16T07:45:27","modified_gmt":"2024-05-16T07:45:27","slug":"cedi-depreciation-the-fundamentals-are-weak-finance-lecturer","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer","title":{"rendered":"Cedi depreciation: The fundamentals are weak \u2013 Finance Lecturer"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Dr. Benjamin Amoah, a lecturer with the Department of Finance at the University of Ghana Business School, has asserted that the continued depreciation of the Ghana Cedi is a result of weak fundamentals in the economy.<\/b><\/p>\n

In an interview with Accra-based Joy FM, Dr. Amoah said, \u201cThe fundamentals are definitely weak. We should not play jokes about it. The truth is that the fundamentals are very weak. What is the fundamental here? What is the inflation rate as we speak now and what is has been the inflation rate over time, very high. What is interest rate, that is the fundamental factor, it is very high.\u201d<\/p>\n

\u201cWhat is unemployment rate now? Unemployment rate is very high. What is our balance of payment position, it is very high and these are the very fundamentals that is used in accessing the exchange rate.\u201d<\/p>\n

According to him, the government addressing just one of the indicators does not resolve the depreciation of the cedi, stating that \u201cit requires effective management of each of these factors.\u201d<\/p>\n

The cedi was trading against the dollar at GH\u20b5 11.98 but now hovering around GH\u20b5 14.80 at the forex bureaus, resulting in a depreciation rate of close to 20% since the beginning of the year.<\/p>\n

Meanwhile, the Finance Minister, Dr. Mohammed Amin Adam, has indicated the cedi has been strongly stabilised.<\/p>\n

He said that the rate of depreciation of the Cedi has slowed this year compared to last year.<\/p>\n

Despite recent pressures on the local currency, he said, the cedi\u2019s depreciation year-to-date of 12% is far lower than its depreciation of 27% in the same period last year.<\/p>\n

\u201cFor this reason, Ghana\u2019s economic rebound has been quite swift, with economic growth ending the year 2023 at 2.9% against a target of 1.5%, inflation heading towards the year-end target of 15%, and interest rates declining.<\/p>\n

\u201cDespite recent pressures on our currency, the cedi\u2019s depreciation year-to-date of 12% is far lower than its depreciation of 27% in the same period last year,\u201d he said at the opening ceremony of the 2024 3i Summit in Accra on Monday, May 13.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Dr. Benjamin Amoah, a lecturer with the Department of Finance at the University of Ghana Business School, has asserted that the continued depreciation of the Ghana Cedi is a result of weak fundamentals in the economy. In an interview with Accra-based Joy FM, Dr. Amoah said, \u201cThe fundamentals are definitely weak. We […]<\/p>\n","protected":false},"author":84,"featured_media":73405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-73406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nCedi depreciation: The fundamentals are weak \u2013 Finance Lecturer - Ghana<\/title>\n<meta name=\"description\" content=\"Dr. Benjamin Amoah, a lecturer with the Department of Finance at the University of Ghana Business School, has asserte ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cedi depreciation: The fundamentals are weak \u2013 Finance Lecturer\" \/>\n<meta property=\"og:description\" content=\"Dr. Benjamin Amoah, a lecturer with the Department of Finance at the University of Ghana Business School, has asserte ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-16T06:22:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T07:45:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715832810.537042.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"383\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Cedi depreciation: The fundamentals are weak \u2013 Finance Lecturer\",\"datePublished\":\"2024-05-16T06:22:15+00:00\",\"dateModified\":\"2024-05-16T07:45:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer\"},\"wordCount\":358,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715832810.537042.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedi-depreciation-the-fundamentals-are-weak-finance-lecturer\",\"name\":\"Cedi depreciation: The fundamentals are weak \u2013 Finance Lecturer - 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