Posted: Friday 11th July 2014 at 14:16 pm

Fifi Kwetey Hails Cedi Fall


Fifi Kwetey
The devaluation of Ghana’s Cedi against the major trading currencies is of great concern to importers and traders due to its rippling effect on the national economy, but a Minister of State in charge of Financial and Allied Institutions, Fifi Fiavi Kwetey believes it is a blessing in disguise.

According to Fifi Fiavi Kwetey, the depreciation of any currency comes with advantages that could be tapped for the betterment of the country’s economy.

‘the depreciation of the currency should actually be a blessing for countries that are looking at exporting but the reason why we are complaining and suffering is because our country is filled with imports,’ he claimed.

Fifi Kwetey made this disclosure during an interview with Peace Fm on the ways to tackle the sharp fall of the Cedi against the major trading currencies.

As at yesterday, the Cedi was trading at GH¢3.48 to $1 on the black market.

It is highly anticipated that at the rate the national currency is falling, it may hit GH¢5 to $1 by close of the month.

The Deputy Minister of Finance and Economic Planning who doubles as the Member of Parliament for Ketu South also charged the youth of Ghana to make the most of the situation by going into exportation.

‘we need to have, especially our young people, looking at what has happened to our currency and ask questions as to what we can do in order to go into export. When we talk about export, we are not just talking about exporting to Europe and America or to China but to our West-African neighbours and Africa as a whole,’ he said.

This advice comes in the wake of a weak national currency which has led to demonstrations and closure of shops by the Ghana Union Traders Association (GUTA) to press home their demand for government to take action to stabilise the Cedi.

Source: Peacefmonline

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