Kwadwo Poku Nsafoah , Executive Director for Institute of Energy Policy and Research has explained why the Cedi has depreciated against the dollar.
According to Kwadwo Poku Nsafoah, the investors have withdrawn their money from the banks and have used it to buy dollars.
In an interview on Wontumi TV Morning Show, he the investors have a perception that there will be a ‘haircut’ in their investments since the government is going to the IMF for an economic bailout.
He said the investors reckon the dollar is stable.
Kwadwo Poku Nsafoah was emphatic that the situation of Ghana is not what has propelled the world market price of the dollar to escalate.
He expressed the hope that should government adhere to their advice, there will be relief in the coming weeks.
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