Dr. Assibey-Yeboah Critiques Overvaluation of Ghana Cedi, Urges Policy Shift for Economic Growth

Dr. Mark Assibey-Yeboah, former MP for New Juaben South, has raised concerns over the overvaluation of the Ghana cedi, asserting that it is detrimental to exporters and state revenue agencies. In a recent interview, he highlighted the adverse effects on key institutions such as the Ghana Cocoa Board (COCOBOD) and the Ghana Revenue Authority (GRA), which are struggling under the current exchange rate. Assibey-Yeboah noted that while the strength of the cedi is not artificially inflated, it exceeds an optimal level for economic performance, which could deter tourism and hinder growth. He criticized the government's focus on maintaining exchange rate stability without fostering genuine economic growth, pointing out that Ghana's growth rate of 4.1% is among the lowest in West Africa, trailing behind Nigeria's 3.9%. He called for a strategic shift in policy that prioritizes economic growth and job creation over mere currency stability, emphasizing the need for a more balanced approach to economic management.