The cedi’s movement reflects our economic mismanagement – UG Professor

By Majesty 2 Min Read
Professor Lord Mensah

Senior lecturer at the University of Ghana Business School (UGBS), Professor Lord Mensah, has expressed disapproval of the way the government has managed the country’s finances. 

In his criticism, the UG lecturer emphasised the Cedi’s current difficulties in relation to the US dollar. On May 14, 2024, Prof. Mensah resorted to X, formerly known as Twitter, to voice his worries on the economic direction of the nation. 

He pointed out that the government’s concealment of fundamental economic problems is the direct cause of the Cedi’s depreciation. 

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The Cedi is now reacting to the covert image of our mishandled finances. The dollar currently has too much hope. Prof. Mensah tweeted, “The exchange rate will expose you when you continue to mislead about the economy. 

RELATED STORY: Cedi hits GH¢14.95 against the dollar

As on May 15, 2024, the Ghana Cedi was trading at a buying price of 13.7161 and a selling price of 13.7299 against the US dollar, according to the Bank of Ghana’s Interbank Foreign Exchange rates. 

The dollar was being bought for 14.50 and sold at 14.85 at an Accra forex bureau. The Cedi is now trading at a buying price of 17.2590 and a selling price of 17.2777 versus the Pound Sterling. 

The pound sterling was being bought at a rate of 17.90 and sold at a cost of 18.50 at an Accra forex bureau. The purchasing and selling prices of the euro were 14.8350 and 14.8497, respectively. The euro was bought at 15.45 and sold for 15.95 at an Accra forex office.

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