Kofi Tonto, an aide to Vice President Dr. Mahamudu Bawumia, has stated that the recent appreciation of the Ghanaian cedi appears to be artificially influenced rather than driven by genuine market forces.
Speaking in an interview on Denkyiraman Radio, Mr. Tonto expressed concern over the sharp and sudden rise in the cedi’s value. While he acknowledged that it might offer short-term relief to ordinary Ghanaians, he emphasized that such fluctuations raise important questions.
“A currency’s value should remain relatively stable. We’re not looking for constant depreciation or appreciation because both have negative effects on businesses and economic planning,” he said.
Mr. Tonto stressed that a stable exchange rate is essential for businesses to make long-term plans and maintain operational consistency. “A sharp appreciation or depreciation of a currency is concerning and requires attention,” he added.
He further referred to an alleged conversation between COCOBOD CEO Ransford Abbey and the Minister of Finance, suggesting that if claims of plans to manipulate the exchange rate from GHS12 to GHS10 are true, it raises critical concerns about the actual forces influencing the currency.
“If the Finance Minister is involved in such a move, then we must ask: who really controls the value of the cedi market forces or the government?”
Mr. Tonto also cited research suggesting that government spending on critical services has slowed, leaving allocated funds idle rather than actively circulating in the economy. This, he believes, is contributing to artificial pressure on the dollar.
“The dollar is being suppressed artificially, and it’s not helping. In the long run, this will have serious consequences for the economy and the nation as a whole,” he warned.
