Dr. Solomon Fokuo, a lecturer at the Kumasi Technical University (KsTU), has described the recent appreciation of the Ghanaian cedi against the US dollar as “artificial and misleading.”
Speaking on Wontumi’s Morning Show, Dr. Fokuo argued that the strengthening of the cedi is being deliberately manipulated to create a false sense of economic progress and win public approval, despite harsh realities on the ground.
Dr. Fokuo also dismissed recent reports of a drop in food prices, particularly rice. “What has been reduced is not the price but the quantity of rice in the bag,” he explained.
“For instance, a 5kg bag of rice has now been reduced to 4kg, yet it is being sold at the same price. So, the idea of price reduction is just a prank played on Ghanaians.”
He noted that while some Ghanaians continue to praise the government for the cedi’s performance, the situation on the ground paints a different picture. He revealed that even he struggles to import goods due to the real depreciation of the dollar in market terms.
According to Dr. Fokuo, the International Monetary Fund (IMF) will, in time, determine whether the appreciation of the cedi is truly contributing to the economy or simply a smokescreen.
