Think tank Strategic Thinkers Network (STRANEK) has asked the government to speed up efforts in strengthening the cedi against the major trading currencies, especially the dollar.
A statement released and signed by Nii Tettey Tetteh, Executive Director, on Monday March 20 said: “It is almost three months into 2017 and there seems to be a titanic fall in the value of the cedi. We, at Strategic Thinkers Network (STRANEK), are asking government to ‘walk the talk’ and stabilise the cedi to revive confidence in the Ghanaian economy.
“The cedi commenced the year at GHS4.20 on the interbank foreign exchange market. From figures available from the Bank of Ghana and forex bureau, the cedi has depreciated by as much as 6.72 per cent between January and February 2017, a depreciation which is adversely affecting businesses. Foreign currency is in high demand, pushing players in the forex market to increase rates in order to decrease the pressure that comes with the excess demand over what is in stock. This is leading to a hike in the prices of various commodities.
“Government must begin to roll out measures to arrest the cedi before it gets worse. Salvaging the cedi will have a positive effect on pump and transport fares to the advantage of the ordinary Ghanaian.
“We call upon government to rise up urgently and save the situation. We call upon President Akufo-Addo, Vice-President Bawumia, Senior Minister Osafo Marfo, and Finance Minister Ofori-Atta to move competently and expeditiously to arrest the fall of the cedi. The situation is simply unacceptable!”