A photo of cedi and dollar notes
The Executive Director of Revenue Mobilisation Africa, Geoffrey Kabutey Ocansey, has attributed the appreciation of the cedi against some major currencies to government initiatives, as well as efforts by the previous administration.
He noted that the activities of the Ghana Gold Board, combined with gold reserves policies from the previous government, have helped stabilize the local currency.
Kabutey Ocansey also highlighted the Bank of Ghana’s decision to curb dollar hoarding as a contributing factor to the cedi’s gains.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, he explained that dollar hoarding and the dollarization of the economy have consistently led to cedi depreciation.
He stated that some business owners collect cash from sales, convert it into dollars, or hoard foreign currency to profit when the cedi falls and demand for forex rises.
Ocansey emphasized the importance of strict enforcement to ensure the cedi remains Ghana’s legal tender.
“To maintain our gains, we must ensure that our laws are strictly enforced. The cedi — not the dollar — is Ghana’s legal tender for business transactions, so we should not entertain the dollarization of our economy. Those who hoard dollars for selfish reasons must stop. We must also address black market trade, especially among those transferring dollars to other countries, particularly Nigeria.”
He also advocated for reducing imports of commodities Ghana can produce, such as rice, which costs the country over $700 million annually.
He concluded by urging stakeholders to support Gold Board activities to prevent smuggling.
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