Dr. Benjamin Otchere-Ankrah, a Governance Lecturer at the Central University, has registered his displeasure with the steep cedi depreciation against the major foreign currencies.
Currently, the dollar value has reached 10 cedis and adversely impacting the Ghanaian market and economy.
Although the central bank has assured the citizens it would resolve the depreciation, the cedi keeps not doing well.
Contributing to Peace FM's political programme "Kokrokoo", Dr. Benjamin Otchere-Ankrah noted that the cedi is failing because of the way transactions go on in the nation.
He noted that there is no way the dollar won't go higher when Ghana is a free economy for the dollar trade.
"Why do we have schools in Ghana which charge school fees in dollars and parents pay dollars whereas our official currency is cedi? We have hotels in this country that charge in dollars. Oh, how?...Why are we in Ghana and spending dollars?" he asked.
He also took a jab at the Finance Minister saying "any person can sell dollar on the street. When you go to the bank and wants dollar, they say they don't have it but a bank manager can show you where to get dollar".
"Are we serious? Are we serious as a country? So, Finance Minister, must you hold PHD in Economics or Finance before you know this?", he exclaimed.
Dr. Otchere-Ankrah further ridiculed the Akufo-Addo administration saying "you talk about breaking the eight but now we are breaking the 10. The dollar is over-speeding".
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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@osonoba. Disappointed and hungry NPP F**OOOL soldier !!!! hahahahahhahhahahahahahhahahahahahahhhahahahhahahhahhahhahahhahahhhahahhhhahhahhahhahhahahhahhhahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
You don't mean it, please is the solid economic management team aware? Prof Gyan baffour, Dr Akoto Osei, Dr Afriyie Akoto, Allan Kyeremanten, Boakye Agyarko, senior minister Yaw Osafo Marfo, what a solid team. Please where are you? The cedi has 6 heads, the dollar has one head and yet these six heads can't chase and catch one head? Just pair one head in the cedi against the one head on the dollar , the other 5 should stand guard and ensure the dollar does not escape again. Ready, set, goooo. In Ghana economic theories can easily be crippled by people who haven't been to school let alone studying economics. It's like no economic theory is working in Ghana now. Now illiterates are suggesting ways as to what government needs to do. Interesting.
GHANA SHOULD ACCEPTS ALL EXPORTS IN CEDIS SINCE THEY USE THE MONEY TO PAY FARMERS WITHIN THE COUNTRY SO THAT THE CEDI WILL BUILD IT VALUE. FOR IMPORTERS IN THE COUNTRY THEY CAN OPEN ACCOUNTS IN NEIBOURING COUNTRIES TO SEEK THEIR DOLLARS. BANK OF GHANA HAVE NO OBLIGATION TO SUPPLY THEM DOLLARS INCLUDING FOREIGN COMPANIES WHO WANT TO REPATRIATE THE PROFITS AND EARNINGS OVERSEAS. INSTEAD OF COCOBOD BORROWING FROM INTERNATIONAL LENDERS CAN BORROW FROM BABK OF GHANA TO PURCHASE COCOA EVERY SEASON. JUST AS THE RUSSIANS DID IN EARLY DAYS OF THEIR SANCTIONS TO PROP THE LOCAL CURRENCY THE RUBLE WHEN IT STARTED LOOOSING IT VALUE. THEY TOLD THEIR CRUDE BUYERS TO PAY IN RUBBLES AND THAT INCREASES THE VALUE OF THE RUBBLES. AT PAR WITH US DOLLARS.
***barred word*** talk, even the exchange rate crisis in Nigeria is worse than Ghana, with airlines folding their operations. All because Nigeria is unable to give them dollars.