President John Dramani Mahama has described as unrealistic the demand by some Ghanaians for the US dollar to be exchanged at GHc1.
According to him, such a drastic appreciation of the cedi would be extreme and could severely damage Ghana’s export sector.
“Some people say it will come to GHç1 to $1. No, that’s extreme. We’ll eventually collapse our export sector if that happens,” the President said.
President Mahama had earlier indicated that Ghana’s total debt had been reduced by GH¢150 billion, largely due to the recent appreciation of the cedi.
He stated that if this positive trajectory continues, Ghana could reach its debt sustainability target by the end of the year.
He made these remarks during a high-level presidential session at the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF) in Abidjan.
“If that trajectory continues, the target of reaching 55 to 58 percent debt sustainability by 2028 will be achieved by the end of this year. That gives us the fiscal space to begin investing in the most productive sectors of the economy,” President Mahama said.
