The Forex Bureau Association of Ghana has taken a swipe at the government for being adamant in tackling the cause of the depreciation of the cedi.
According to the Vice President of the association, Dr. Alex Akpabli, the inadequate supply of dollars is hurting the operations of forex bureaus, hence government should come up with new strategies to encourage the export of value-added goods to bring in more foreign earnings.
Dr. Alex Akpabli speaking to Joy Business said government needs to devise strategic ways to save the fast nature of the cedi.
"In the medium term, I think that traders must be very cautious especially those who need the dollar for business transaction because what is happening is there is no dollar in the system. The depreciation is caused by the demand and supply factors, so they need to lower their demand for the dollar".
"Government must come in to encourage exporters especially anything that bring foreign currency. And we need to reduce our debt as a country.
He bemoaned why the economic managers of the economy seem to be conservative in dealing with the issues.
He pointed out that there is the need for the economic managers to find different ways in tackling the situation.
"Those in charge of the economy are very intelligent, our energy is rather on the effect and not the cause so government must wake up and tackle the issue”, he bemoaned.
Dr. Akpabli however said things will work out if all these factors are put in place.
Latest Stories
-
Global Execution Surge casts shadow over Africa’s Capital Punishment Debate
3 minutes -
Prioritising mental health for security officers key to effective conflict resolution- Dr Doke
11 minutes -
Ghana Golf Getaway: Tee off in Ghana’s rich culture
13 minutes -
Wendy Shay to sponsor viral fan’s education from class 5 to university in heartfelt gesture
21 minutes -
Ghana launches $7m Circular Economy Project to tackle plastic waste
26 minutes -
9 schools qualify to semi-finals of 2025 Luv FM Primary Schools Quiz
30 minutes -
Degrees don’t equal competence – Koranteng Pipim
31 minutes -
‘Our classrooms are graveyards for curiosity’ – Koranteng Pipim
34 minutes -
How Dr. Bawumia changed the conversation about Gold in Ghana
49 minutes -
Bawku crisis: Mahama confirms Otumfuo’s peace mediation to resume next week
51 minutes -
UK announces further £450m military support to Ukraine
55 minutes -
‘Nobody is being intimidated’ – Nana Yaa Jantuah on NIB’s attempted arrest of Ntim Fordjour
1 hour -
We don’t have time to engage in games of smoke and mirrors – Mahama to critics amid suspicious flights saga
1 hour -
Ashanti ICGC ‘Life Walk’ continues to make impact in mental health
1 hour -
We must all help build an equitable, resilient education system – Clement Apaak urges
2 hours