Businessman and politician, Mr. Akwasi Addai Odike has revealed his readiness to help the economic management team led by Vice President Dr. Mahamudu Bawumia to stabilize the cedi against major foreign currencies which has been a major source of worry to the business community.
Odike who proffered solutions to government in managing the economy at the back of the situation where the local currency; the Cedi is depreciation against the foreign currency, the dollar bragged of how he will
manage the dollar with ease and ensure the stability of the cedi.
“If Nana Akufo-Addo wants me to help him in terms of managing the dollar, I am more than ready to go”, Mr. Akwasi Addis Oddai spoke during a panel discussion on Kumasi-based Nhyira FM monitored by MyNewsGh.com.
According to importer, it is sickening that the cedi is depreciating against all the foreign currencies despite several assurances from the Finance Ministry to put proper measures in place to check its further decline.
“We cannot buy the dollar now. We cannot also clear the goods we have imported simply because the dollar keeps on depreciation”, the founder and leader of United Front Party (UFP) pointed out to host, Kofi
The Bank of Ghana (BoG) has signaled that it will inject a whopping US$800million into the system to shore-up one of the fastest depreciating currencies in the world — the cedi.
But an economist at the University of Ghana, Dr. Priscilla Twumasi, told the B&FT that: “…until we get the fundamentals of the economy right to generate foreign income, the pressure will always be there”.
She added that the most effective measure to permanently address this problem is to work at being a productive economy that exports more than it imports.
“The emphasis should be on how we are expanding our export base. Are we adding value to our domestic produce so that we produce domestic substitutes for goods that are imported? But so far as we don’t tackle those critical issues, they will continue to be cyclical; today the pressure comes and we ease it. But the bottom line is that the dollar is not for us, and the central bank does not have unlimited reserves. Whatever it is, the BoG will run out of reserves – and when that happens, you will have to allow your currency
to depreciate,” she said.