The government is not responsible for the depreciation of the Cedi – Kwame Pianim

General News of Thursday, March 28, 2019

Source: 3news.com

2019-03-28

International economist Kwame Pianim has taken an unorthodox stance on the responsibility of weakening the national currency on the international currency market.

According to the investment consultant, the government should not be held responsible for the depreciation of the Cedi.

"We should not blame the government for the depreciation of the Cedi," he said.

"We should blame the Governor of the Bank of Ghana because it's their job."

He believes that the government's responsibility is to ensure the proper functioning of the economy in general, which has an impact on the performance of the Cedi.

Mr. Pianim shared these points of view during the second round of economic dialogues organized by Media General.

In the wake of the first edition, devoted to Ponzi schemes, the second, Thursday, March 28, was to find a solution to the erratic behavior of the Cedi in the international currency market.

The theme was: "The Ghana Cedi: Break the cycle of amortization".

Mr Pianim, who was the first speaker, insisted that the Cedi's performance reflected the health of the Ghanaian economy.

Therefore, he considers a weak local currency as the symptom of a weak economy.

So, for him, to find a solution to the cyclical disposition of the Cedi, pragmatic efforts should rather consist in ensuring that the economy is dynamic.

"We must treat the source, not the symptoms."