Kevin Taylor Shares Concerns Over Rapid Appreciation of Ghana Cedi
Outspoken Ghanaian political commentator and media personality, Kevin Ekow Baidoo Taylor, has waded into discussions surrounding the recent appreciation of the Ghanaian cedi against the US dollar. Speaking on his popular Loud Silence Media platform, Taylor expressed mixed feelings about the cedi’s rapid strengthening, despite widespread celebration over the development.
In his analysis, Kevin Taylor acknowledged that prior to the 2024 general elections, the exchange rate hovered around GHS17 to USD1. However, recent data shows that the cedi is now trading at approximately GHS13.20 to the dollar—a significant improvement over a relatively short period.
While this trend is seen as positive by many local economists and citizens, Taylor cautioned against celebrating too soon. He raised concerns about the pace at which the currency is appreciating, stating that such a swift change could have unintended consequences, particularly for Ghanaians living abroad.
Even the money transfer app I use is confused,” Taylor joked, adding that the constant fluctuations are making it difficult to track exchange rates. His primary concern is the reduced value of remittances from the diaspora. A stronger cedi means that Ghanaians abroad, who typically earn in dollars, would get less value when they send money back home, affecting families and dependents who rely heavily on these funds.
Taylor addressed Ghana’s current Minister for Finance, Dr. Cassiel Ato Forson, whom he credited for the recent fiscal gains. Despite their history of political disagreements, Taylor commended Dr. Forson for steering the economy in a positive direction. “I know he may not like me, but I know he’s just doing his job,” he admitted.
However, Taylor made a passionate appeal to the Finance Ministry to stabilize the cedi around the GHS13.20 mark for now, urging them not to push the appreciation too aggressively. He warned that should the cedi strengthen to GHS8 per dollar within the next two months, it could create financial challenges for many Ghanaian families who rely on remittances.
He concluded by encouraging the government’s economic team to consider a more balanced approach that supports both the local economy and the diaspora community, emphasizing the critical role remittances play in Ghana’s financial landscape.
Kevin Taylor’s remarks have sparked renewed debate among Ghanaians both at home and abroad, with many echoing his concerns while others welcome the positive outlook for the cedi.