Posted: Wednesday 19th February 2014 at 8:30 am

Downward Spiral Of Cedi: Alan Cash Proffers Solutions

7fb9276234614 969731 Downward Spiral Of Cedi: Alan Cash Proffers SolutionsNPP Presidential Aspirant, Alan Kwadwo Kyeremateng has called on President John Dramani Mahama and his government to put better policies and measures in place to stabilize the country’s currency.

Alan Kwadwo Kyeremateng implored the government to be serious with Ghana’s economic situation and ensure stability in the cedi.

According to him, several factors have led to the steep depreciation of the cedi against other foreign currencies, particularly the American Dollar, and it behoves the Mahama government to arrest the situation.

He explained on Oman FM‘s “National Agenda” that the large importation of commodities into the nation is a major contribution to the free fall of the cedi.

This, he said, is because the import transactions are done in foreign currencies and as a result gives the dollar an upper hand over the Ghana cedi.

Until the imports are checked, Mr. Kyeremateng believed the cedi will keep struggling with the dollar which has since been galloping.

The twice defeated NPP Flagbearer aspirant called on President John Mahama to call for a national stakeholders’ meeting where issues pertaining to the cedi depreciation will be broached in order to resolve the problem.

“Corruption and lack of public accountability is also a factor that when it becomes high, makes government’s expenditure to hike up and further increase our fiscal deficit. All this can influence our cedi…Government should call for a meeting, National Economic dialogue, to give everybody the opportunity to brainstorm together and find a way to stabilize the cedi…We must all meet; government, private sector, political parties, Parliamentarians, Labour…,” Alan Kyeremanten stressed.

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