Financial Analyst and Lecturer at the University of Ghana Business School, Lord Mensah has said that the Foreign Exchange (FX) committee set up to probe into the cedi depreciation should be replaced with long term strategies that can stabilize the cedi.
Speaking in an interview on the Happy Morning Show aired on Happy 98.9 FM, he stated: “The committee is not needed. Fundamentally, we should do something right. We need to take a position that we are conserved in our foreign inflows and our importation. If we adapt a strategy as a country and we reorient our economy devoid of any political party from import driven economy to export driven economy, I think we should be able to solve this problem”.
He added that setting up a committee as well as pumping more dollars into the economy as a way of rescuing the cedi are short-term goals that must be changed to stabilize the exchange rate.
According to him, policies such as ‘One District, One Factory’, ‘One Village, One Dam’ and ‘Planting for Foods and Exports’ have not kicked into Ghana’s economy to solve the exchange rate problem.
He, thus, suggested that Government must adopt policies especially in the area of importation to stabilize the cedi.
“In a long term measure, we have to adopt a policy that can stabilize our cedi. Some part of our import which are consumables should be produced in Ghana”, he added.
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By: Alberta Dorcas N D Armah