The Dean of the University of Cape Coast (UCC) Business School, Professor John Gatsi, has said that the current exchange rate of the cedi to the dollar does not indicate an economy that is rebounding.
The cedi is currently exchanging for GHC12.00 to $1.00.
According to Prof Gatsi, such a high exchange rate to the dollar is not indicative of economic growth.
“You do not just say that because exchange rate has stabilised at the highest level from about GHC6.00 last year to about GHC12.00, so, if it’s stable around GHC12, you don’t use that to tell Ghanaians that things are better for them and things would be better in 2026,” the Finance lecturer said.
He was reacting to an assertion by President Nana Addo Dankwa Akufo-Addo in his Christmas message that Ghana’s economy is rebounding.
The Finance lecturer contended that even the current inflation and policy rates do not show that Ghana’s economy is rebounding.
“When we say an economy has been messed up, and to correct that economy, it doesn’t take inflation reducing from 54% to 26% to indicate that things are better. When policy rate has increased from 14% to 30%. You don’t just look at headline inflation falling to 26% to think that you have solved the problem of the country when hardship, unemployment and poverty have doubled,” Prof Gatsi explained.
