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Depreciating cedi requires long-term solution, says Stephen Amoah

The deputy finance minister has called for patience in addressing the cedi’s poor performance against the dollar

Deputy finance minister, Stephen Amoah, has emphasised the necessity for a long-term strategy to address the cedi’s weak performance against the US dollar.

Speaking on the Asaase Breakfast Show (ABS) on Thursday (13 June), Amoah highlighted the complexity of the issues affecting the cedi and cautioned against expecting quick fixes.

“Expectations and the results sometimes cannot be attained within the shortest possible time,” Amoah stated, addressing the current economic challenges.

He pointed out the difficulty in tracking the flow of dollars due to unregulated black market activities, which further complicates policy adjustments.

“If you have a country that the amount of dollars flowing in and out we can’t track, it is very difficult and this is being perpetrated by these so-called black markets and sometimes it’s very difficult to also make changes in terms of even policies,” he explained.

Amoah also discussed the impact of the nation’s import practices on the currency’s stability.

He reiterated the importance of a sustained, long-term approach to resolving these deep-seated issues.

“To deal concisely or completely with this whole performance of our cedi relating to the dollar, we need a long-term approach dealing with the specific problems we have in our country,” Amoah remarked.

“Of course, I side with and sympathise with relevant stakeholders, such as some of you that are trading foreign currencies and have issues to do with them and all of us. However, the diagnostic processes or framework that we are talking about is very realistic unless people don’t want to accept it. What we are saying is that, in the short term, we are bringing inflows.”

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