The former New Patriotic Party (NPP) secretary for Tain Constituency in the Bono Region, Mr. Adama Coulibaly has identified corruption and too much importation of finished goods as the major causes of the depreciation of the Ghana cedi.
He counseled to our authorities that, unless corruption is seriously tackled and importation of goods dealt with we will continue to see the cedi fall. He admonished that, we need to revise our regulations on production and what we consume in the country in order to abate the cedi’s depreciation.
He added that, Ghana has to put in place temporary measures to deal with the dollarization of the economy and free the fall of the cedi.
Mr. Coulibaly however of the opinion and of a dogma that, the government must first of all deal substantively with most corrupt practices, over expenditure and too much greed in the system.
The former secretary was speaking in an exclusive interview with Appiah Kubi on Tain FM he indicated that, if the government is creating more of internal industries and cut the supplies from international market, the inflation factored by food, fuel and the exchange rate will be in conviction could address the issue of inflation.
Mr. Coulibaly opined that, on the practices there is no money that is backed by production in the country, therefore puts pressure on the foreign currency because of dependency of foreign aids in the system.
He concluded that, Ghana’s reliance on exporting raw materials and importing finished products contributes to the country’s persistent demand for and less supply of foreign currencies. This is why, for a long time, Ghana’s cedi has been depreciating against the other major trading currencies.
He therefore urged that, if Ghana reduces over expenditure, corruption and reviews some portions of the laws in our constitution.
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