There is currently no room for rhetorics when it comes to salvaging the woes of the country’s currency, according to a former Director-General of the National Development Planning Commission (NDPC).
Dr Nii Moi Thompson believes verbal analyses usually spiced with political inclinations will not do much to restore the speedy rate of depreciation being experienced by the cedi.
“It is clear that the cedi’s woes cannot be addressed successfully with flawed and politicised analyses, or through public lectures full of sound and fury that signify nothing,” he said in an article.
As of Monday, March 21, 2022, the rate of exchange of the local currency was ¢7.28 to US$1, a situation many Ghanaians lament is worsening the cost of doing business by the day.
He said the only solutions are in actual steps and not mere political lecturers.
Some of the avenues to restore the cedi’s strength included a “sober reflection, a clear vision of the cedi’s and the economy’s future, sound policies, and disciplined action, all of which will certainly transcend governments.”
Dr Thompson made these comments in an article enumerating the country’s exchange rate situation and how to surmount the existing challenges.
He also advised against extravagant foreign travels by government officials including the President and advocated cuts in general foreign expenditure.
“In the immediate term, as the crisis rages on, the government must begin as a matter of urgency by curbing frivolous spending, especially spending that is likely to weaken the cedi further.
“This includes the importation or purchase of luxury vehicles; a reduction in foreign travels by public officials (if they could do it at the height of Covid, they can do it now); an end to the President’s extravagant lifestyle and those of his appointees generally; an end to endless foreign “medical reviews” for public officials, including MPs; and any other spending that puts needless pressure on the cedi,” he added.
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