SAMMY GYAMFI PEDDLED FALSEHOOD;
Coronavirus is not Responsible for the Cedi’s Upsurge against the US Dollar
On ‘The Point of View’ show with Bernard Koku Avle, Sammy Gyamfi found himself wanting with the barrage of questions threw at him.
After he had had all his hollow points downgraded by the intelligent and thought provoking questions from the host, the NDC’s Communications Officer worsened his plight when he was quizzed on the performance of the cedi against the dollar.
Bernard Avle reminded him that the cedi has pummeled the dollar lately, appreciating 6.4% against the US currency.
Sammy Gyamfi, in his response, said the cedi’s strong performance should be attributed to the deadly coronavirus epidemic which has plagued China.
According to him, the second biggest economy in the world is home to Ghanaian traders importing many of their goods, and the epidemic has made it impossible for many to go to the country to do business. He ended his submission saying that there is little pressure on the dollar as a result of this supposed slump in trading activities between Ghana and China.
What Sammy Gyamfi failed to realize, and Bernard Avle pointed out to him, is that other countries across the world do business with China in the same or bigger volumes than Ghana, yet their currencies continue to fall against the dollar.
Nigeria, South Africa and other African countries import more goods from China than Ghana. They use more dollars than Ghana, yet their currencies continue to slide against the dollar.
Clearly, the coronavirus has little or no role to play in the cedi’s strong performance against the US dollar. Sammy Gyamfi was wrong, if you ask me.
P.K.Sarpong, Whispers from the Corridors of the Thinking Place.