An Economist in Banking and Finance, at the University of Ghana, Dr Anthony Aboagye has called on the government to look at long-term solutions to save the economy rather than injecting foreign currency into the economy.
He said these short-term measures of always using national reserves to save the cedi are not helping the economy.
Dr Aboagye shared his thoughts on the latest decision from the Bank of Ghana’s Monetary Policy Committee Meeting in finding a solution to curtail the continuous depreciation of the cedi.
“We are importing everything in this country without exporting. How many dollars do we earn? He noted that we pay for our imports in dollars that we don’t have,” He noted.
Dr Aboagye maintained that the Bank of Ghana cannot do anything, and added that they do not have control over the free fall of the cedi.
He said,” the only thing the Bank of Ghana is expecting now is the Cocoa Indication Loan and beyond that, they cannot do anything.”
Dr advised government to go back to the drawing board knowing the difficult situation we are in, and be determined to do something for the long term.
