{"id":444118,"date":"2017-12-06T03:00:33","date_gmt":"2017-12-06T03:00:33","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/06\/the-cedis-value-will-be-harder-to-defend-in-2018-ken-thompson\/"},"modified":"2017-12-06T03:00:33","modified_gmt":"2017-12-06T03:00:33","slug":"the-cedis-value-will-be-harder-to-defend-in-2018-ken-thompson","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/06\/the-cedis-value-will-be-harder-to-defend-in-2018-ken-thompson\/","title":{"rendered":"The cedi\u2019s value will be harder to defend in 2018 \u2013 Ken Thompson"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Tuesday,  5 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>CDA Consult<\/p>\n<p>2017-12-05<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/08\/40320374.295.jpg\" alt=\"Ken Thompson, Chief Executive Officer (CEO) Of Dalex Financial Services\" title=\"Ken Thompson, Chief Executive Officer (CEO) Of Dalex Financial Services\" width=\"295\" height=\"197\" \/><span class=\"image_caption\"><span>CEO of Dalex Finance, Kenneth Thompson<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125813973067\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125813973067\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1512529233_42_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\">Chief Executive Officer of Dalex Finance, Kenneth Thompson has said the 2018 Budget tagged as \u201cAdwuma\u201d budget did not provide a major drive towards export promotion and import substitution.<\/p>\n<p>He said, \u201cGhana exports \u2018air\u2019, over 70 per cent of the containers laden with goods that come to Ghana go back empty. The cedi is overvalued causing us to experience low growth, low productivity and high unemployment.<\/p>\n<p>\u201cFaith will not fix this. Expect the cedi to go into a slide in value in 2018. My expectation is a minimum GHC5.50 to USD 1.00 by end-of-year. The cedi\u2019s value will be harder to defend in 2018,\u201d Mr Thompson stated in a working document obtained by the Communication for Development and Advocacy Consult (CDA Consult) in Accra.<\/p>\n<p>Mr Thompson noted that: \u201cEvery so often, our governments launch \u2018half hearted\u2019 programmes to promote Made in Ghana goods. Buying Made in Ghana is a financial decision, not an emotional one. We must start to address the major imbalances in the economy with regards to our \u2019addiction\u2019 to foreign goods and services.<\/p>\n<p>\u201cPart of the reason why the cedi has been relatively stable in 2017, is due to reduced demand in the real economy. Unless the combined issue, of export promotion and import substitution, is tackled, the country could be facing the ever-continuing threat of an overvalued currency and its consequential ills\u201d.<\/p>\n<p>Mr Thompson also noted that the revenue target seems overly ambitious. The budget is seeking to increase revenues by 25 per cent without any commensurate effort to increase the tax base of the economy.<\/p>\n<p>\u201cRevenue from the ambitious tax targets is targeted at spending on the pet politician projects that will strain the admirable fiscal discipline that has been exhibited in 2017. Our inability to raise these revenues could threaten the pet politician programs and credibility issues for government could begin to creep in.<\/p>\n<p>\u201cWhat we need to do is to increase the tax base. Let us find ways to tax the informal sector in a meaningful way through appropriate incentives which will encourage them to pay. As an example, the government could at the very least prevent the registration of any asset of significant value without showing evidence of tax payments e.g. vehicles, real estate, companies. <\/p>\n<p>\u201cIf the tax base is not expanded, expect the GRA to find new \u2018creative\u2019 ways of extracting more tax from the same sources. Expect to pay relatively more tax whatever your business, even if it is because of \u2018inflexible\u2019 GRA officials who are less understanding of your \u2018inventive\u2019 tax avoidance excuses,\u201d he said.<\/p>\n<p>Mr Thompson said the agricultural sector saw a return to growth from 3 per cent in 2016 to 4.3 per cent in 2017. The conception of \u201cPlant for Food and Jobs\u201d programme is exciting. We are happy with the several initiatives announced for the Agricultural sector\u201d.<\/p>\n<p>Unfortunately, Mr Thompson said the \u2018Army Worm\u2019 infestation still poses significant danger to agricultural output. \u201cThe Government\u2019s response has not been strong enough and victory is being prematurely declared whiles experts in the field are being ignored.<\/p>\n<p>\u201cWhat we need to understand is that the army worm intensity is naturally attenuated in the dry season and we need to be cautious. The intensity of the infection of the army-worm could possibly rise in next year\u2019s rainy season and this time round it could be a \u201cbiblical style plague\u201d with massive destruction,\u201d he said.<\/p>\n<p><iframe loading=\"lazy\" width=\"600\" height=\"350\" src=\"https:\/\/www.youtube.com\/embed\/OPBKHY5z7CI\" frameborder=\"0\" gesture=\"media\" allow=\"encrypted-media\" allowfullscreen=\"\"><\/iframe><\/p>\n<p><iframe loading=\"lazy\" width=\"600\" height=\"350\" src=\"https:\/\/www.youtube.com\/embed\/FR5vQPGZNJ8\" frameborder=\"0\" gesture=\"media\" allow=\"encrypted-media\" allowfullscreen=\"\"><\/iframe><\/p>\n<p><iframe loading=\"lazy\" width=\"600\" height=\"350\" src=\"https:\/\/www.youtube.com\/embed\/ab8rcpBXJxk\" frameborder=\"0\" gesture=\"media\" allow=\"encrypted-media\" allowfullscreen=\"\"><\/iframe><\/p>\n<p><iframe loading=\"lazy\" width=\"600\" height=\"350\" src=\"https:\/\/www.youtube.com\/embed\/5SDPul8p15Y\" frameborder=\"0\" gesture=\"media\" allow=\"encrypted-media\" allowfullscreen=\"\"><\/iframe><\/p>\n<p><!-- uploaded by: 3 updated by: -1 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Tuesday, 5 December 2017 Source: CDA Consult 2017-12-05 CEO of Dalex Finance, Kenneth Thompson Chief Executive Officer of Dalex Finance, Kenneth Thompson has said the 2018 Budget tagged as \u201cAdwuma\u201d budget did not provide a major drive towards export promotion and import substitution. He said, \u201cGhana exports \u2018air\u2019, over 70 per cent [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":411299,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-444118","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The cedi\u2019s value will be harder to defend in 2018 \u2013 Ken Thompson - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/12\/06\/the-cedis-value-will-be-harder-to-defend-in-2018-ken-thompson\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The cedi\u2019s value will be harder to defend in 2018 \u2013 Ken Thompson - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Tuesday, 5 December 2017 Source: CDA Consult 2017-12-05 CEO of Dalex Finance, Kenneth Thompson Chief Executive Officer of Dalex Finance, Kenneth Thompson has said the 2018 Budget tagged as \u201cAdwuma\u201d budget did not provide a major drive towards export promotion and import substitution. 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