Economist, Dr. Adu Owusu Sakodie has mentioned he expects the cedi to make some good points from July this 12 months following the conclusion of the debt restructuring take care of exterior collectors.
He’s hopeful the native foreign money will reply favourably because the market receives the excellent news about Ghana concluding the debt deal.
“It usually takes a while for this growth to affect the market and that’s the reason the cedi has not recovered strongly but”, he mentioned.
He defined that there’s usually a lag interval for the market to react to the information.
“I consider that in July 2024, we will probably be seeing some positives for the Ghana cedi in terms of its efficiency in opposition to the greenback” he expressed optimism.
He spoke on PM Categorical Enterprise Version with host George Wiafe on June 27, 2024.
Some analysts had attributed the latest depreciation of the cedi to delays in concluding the debt restructuring deal.
“We expect the native foreign money to restoration strongly, after the bondholders signal the settlement on the debt restructuring within the coming weeks”, he maintained.
Debt restructuring deal and the economic system
Dr. Sarkodie noticed that the event will go a protracted solution to assist in the restoration of the Ghanaian economic system.
“It’s because we expect buyers to additionally reply accordingly to this growth and that would assist take care of the arrogance points as properly”, he mentioned.
He’s of the view that the deal will give authorities some fiscal house to assist managers of the economic system channel the nation’s assets to different crucial sectors of the economic system.
Companies and the Debt Restructuring Deal
Talking on the identical programme, the President of the Ghana Nationwide Chamber of Commerce and Trade (GNCCI), Dr. Clement Osei Amoako welcomed the progress made in restructuring the exterior debt.
“It will assist to revive investor confidence within the economic system, taking a look at what has occurred over the previous two years”.
“Companies have struggled over time, from excessive curiosity, hovering inflation and depreciation cedi, and never so beneficial enterprise setting”, he mentioned
He described the event as a giant reduction for companies, notably producers.
“We’re additionally anticipating the Ghana cedi to reply positively to this growth, as we’ve already seen some marginal stability and we wish that to proceed”.
He, nevertheless, needs authorities to institute the constructions that can assist fiscal prudence after the debt restructuring deal.
“We’re fearful about previous developments, however we consider that authorities has learnt their classes in terms of the economic system”.
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