Founding President of IMANI Africa, Mr. Franklin Cudjoe has said National Communication Officer of the opposition NDC Sammy Gyamfi was very right when he attributed the stability of the Cedi to the coronavirus outbreak in China.
The IMANI boss argued that only “illiterates” or “politically myopic” people will dispute what Sammy Gyamfi said.
Sammy Gyamfi on Monday said the Cedi’s stability is not due to any special measure or policy by the government but rather due to the coronavirus outbreak that has led to almost zero imports from China in particular and Asia were about 37% of Ghana’s import volumes come from.
“The reason why we are seeing some stability is not because of any economic intervention put in place by this government, 37% of our imports come from Asia and I’m telling you that there no single economic intervention that is bringing about this stability. We are not the only country exposed to China but Our level of exposure is one of the biggest.
We are talking 37% of our imports coming from Asia and as a student of the economics you know that some of these things have a bearing on the figures.” Sammy Gyamfi told Bernard Avle.
“If we’re not importing and businessmen are not going to China like they do the pressure on the Ghana cedi will go down and you’ll begin to see some stability. You can choose to celebrate that like the government is doing but very soon they will see their smoothness level” he added.
Reacting to this issue in a yet-to-aired interview with TV3’s Johny Hughes on Hot Issues, Franklin Cudjoe said Sammy Gyamfi is spot on.
“The other thing we do know as the reason why the cedi is appreciably doing well against the US dollar is the corona virus effect.” He said. Asked about what Sammy Gyamfi said which was mocked widely, Franklin Cudjoe said “that’s true. Sammy Gyamfi is so right.” He stressed.