Geoffrey Kabutey Ocansey, Executive Director for Revenue Mobilisation Africa, says the appreciation of the cedi against some major currencies can be linked to some initiatives by the ruling government as well as some work done by the previous government.
He remarked that the activities of the Ghana Gold Board, coupled with gold reserves policies of the previous government, have all helped in stabilising our local currency.
Mr. Kabutey Occansey noted that the decision by the Bank of Ghana to check the hoarding of dollars has also contributed to the gains made.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, he stated that dollar hoarding and the dollarization of the economy had consistently contributed to the cedi’s depreciation.
He stated that some business owners collect cash from their sales after trading and convert it into dollars or hoard it in order to profit when the cedi falls and demand for foreign currency rises.
He underscored the need for authorities to remain firm in ensuring that the cedi, which is the legal tender, remains so.
”To maintain our gains, we must ensure that our laws are strictly enforced. The cedi, not the dollar, is the legal tender for business transactions in Ghana, so we should not consider dollarising our economy. Those who are hoarding the dollar for their own selfish reasons should stop. We must also address black market trade, particularly among those who send dollars to other countries, particularly Nigeria.”
He also proposed reducing imports of commodities that Ghana can produce, such as rice, which totals over $700 million annually.
He concluded by admonishing stakeholders to support activities of Gold Board to prevent any incidents of smuggling.
By: Rainbowradioonline.com/Ghana
