Economist Professor Eric Osei-Assibey, has charged government to urgently demonstrate through the intended economic programme with the International Monetary Fund (IMF) to calm noise on the foreign exchange market, and consequently ease the fast depreciation of the cedi.
The country’s economic fundamental has weakened, causing daily depreciation of the local currency.
Speaking to Joy Business, Professor Osei-Assibey, who is also a Board Member of the Bank of Ghana pointed out that investors want reassurance from managers of the economy before reposing confidence in the country.
“What government can do is to continually demonstrate – living by example to make sure that it’s fiscally prudent, expenditures are cut, and pursuing revenue measures that will bring in enough revenue. If we are able to do that and the market begin to see that, it will reduce the noise and then the confidence level will be restored.”
“So the speculative attack on the cedi and the sell-off of our debt will be reversed. Largely, it depends on what government is doing”, he stressed.
Professor Osei-Assibey also wants the government to come up with impactful and transformational measures that will assure the market that the fiscal consolidation target is no fluke.
“I think that now that we are putting together homegrown policies to access extended facilities from the IMF, government will come up with a more impactful and transformational measures that will assure the market that we are ready to consolidate”, he added.
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