Injecting dollars to stabilize the most useless cedi – Kwame Pianim

Company News of Thursday, March 28, 2019

Source: 3news.com

2019-03-28

The economist Kwame Pianim has canceled the injection of dollars by the Central Bank to stabilize the Cedi.

According to him, these funds should rather be invested in projects aimed at increasing the production of local goods instead of importing.

Kwame Pianim spoke at a series of economic dialogues organized by the media on the theme "Ghana's cedi, breaking the cycle of depreciation".

The seasoned economist believes that the government should rather adopt long-term measures to stabilize the Cedi rather than the short-term approach, such as the injection of dollars.

The central bank recently announced the injection of a minimum of $ 800 million into its reserves to stabilize the local currency.

This seems to have been marked by a marginal appreciation of the cedi against the US dollar.

"The injection of dollars into the economy by the Central Bank to stabilize the Cedi is the most useless use of our hard-earned money."

Since the beginning of the year, the Ghana cedi has lost about 3.6% of its value against the US dollar.

Industry stakeholders and individuals expressed concern over the situation and called on the relevant authorities to take action to meet the challenge.