Kwesi Pratt Praises Mahama Over Cedi Gain

Kwesi Pratt has hailed President John Dramani Mahama for the current performance of Ghana’s currency against foreign currencies.

The cedi is currently touted as the best performing currency in the world by some economic analysts.

It stands at 10.3 to the US dollar and while some critics credit the US/China trade war for the current status of the cedi, Kwesi Pratt stresses no Ghanaian can deny the fact that the currency has been doing well since the inception of the Mahama administration.

“Whether you like Mahama or you don’t like him, whether you are an NPP or CPP member, the truth is within the last 4 or 5 months, Ghana’s currency has gone up. Not long ago, the cedi was 17 cedis to a dollar…yesterday, when I checked, it was 10.3 to a dollar. In fact, the person that I checked it from told me it could even come down to 9 cedis to a dollar”, he remarked on Peace FM’s “Kokrokoo” panel discussion show.

He added; “The cedi appreciation is a very good thing. If not for anything, petrol prices have reduced. If not for anything, commercial drivers are reducing transport fares by 15 percent.”

The Insight newspaper Managing Editor continued; “Some people even say food prices will reduce as well. Though it won’t go down right now but over a long period of time, it will be reduced. This is good news.”

He however pointed out some adverse effects of the cedi gaining weight against the foreign currencies, particularly the cedi.

Mr. Pratt raised concerns over the export business in Ghana noting exporters are now the most badly affected as the cedi keeps appreciating.

He called for a holistic approach from government to bridge the gap between imports and exports in the country, asking “do we want an export-driven economy or we want an import-driven economy?”

Source: Ghmessenger.com