Economist and lecturer at the University of Ghana, Patrick Asuming, has called for calm following the recent depreciation of the Ghana cedi, stating that the local currency remains relatively stable despite losing some value against major foreign currencies.

Speaking on Joy FM’s Super Morning Show on Monday, May 25, Prof Asuming said the current performance of the cedi does not suggest a major cause for concern, as the fluctuations remain within a manageable range.

According to him, the Bank of Ghana has so far played a key role in controlling sharp swings in the exchange rate and maintaining stability in the foreign exchange market.

“So far, we haven’t seen the wide range when we study the system. The Central Bank has been able to moderate swings. I think it is generally kept at a low level, and on that note, I don’t think we should start raising alarms,” he said.

Prof Asuming explained that exchange rate movements are common in every economy and should not immediately trigger panic unless the depreciation becomes severe and persistent over a short period.

He noted that concerns would only become serious if the cedi experiences continuous and heavy losses within a short timeframe, making it difficult for authorities to control the situation.

“If we begin to see so much pressure on the currency that, within a two-week period, we experience massive losses, then you begin to worry because that is when things get out of control,” he stated.

The economist further urged the public to view the cedi’s performance within the broader economic environment rather than focusing on short-term movements alone.

His comments come after a recent Reuters report highlighted movements in African currencies, including the Ghana cedi, amid changing global and domestic economic conditions.

Prof Asuming’s remarks are expected to reassure businesses, investors, and consumers who have been monitoring the recent movements in the foreign exchange market closely.