Social Media Exchange Rate Not Reflecting Real Economy- Dr. Forkuo

A lecturer at Kumasi Technical University, Dr. Solomon Forkuo, has dismissed claims that the Ghanaian cedi has started appreciating against the US dollar.

According to Dr. Forkuo, if the dollar rate had indeed depreciated, prices of essential goods like cement would have decreased significantly. Instead, he notes that cement has become scarce, suggesting that the exchange rate situation is not as claimed.

“The exchange rate is not the best, inflation is too high, and unemployment is also high,” Dr. Forkuo stated, expressing skepticism about the supposed improvement in the cedi’s value.

He attributed the current exchange rate discussions to “social media exchange rates,” implying that the real economy is not reflecting any significant changes.