Short-term strategies in the offing to stabilize Cedi – Dep Finance Minister

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In a bid to address the persistent depreciation of the cedi against the US dollar, Deputy Finance Minister Dr. Stephen Amoah has revealed that Finance Minister Dr. Mohammed Amin Adam has formulated a set of short-term strategies aimed at stabilizing the national currency.

While Dr. Amoah did not disclose the specific measures being put in place, he highlighted the critical role of citizen cooperation in reducing imports, which he indicated is essential for the long-term stability of the cedi.

“Minister Dr. Mohammed Amin Adam and the finance team have made plans and arrangements to allocate sufficient sums of money coming into the country to ensure the dollar against the cedi is more stable,” Dr. Amoah said to Onua FM’s host of Yen Nsempa, Nana Yaa Brefo and co-hosted by Isaac Ekow JB, May 28.

“However, it is short term. I suggest the country as a whole must sit, reflect, and strategize to ensure its effects become long term,” he added.

He underscored the necessity for Ghana to curtail its dependency on imported goods, particularly agricultural products, to strengthen the cedi.

“We need to reduce the number of goods we import into this country. Obviously, import of all agricultural products need to stop,” Dr. Amoah asserted.

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He attributed the weakening of the cedi to the Ghanaian preference for foreign goods, which exacerbates the demand for the US dollar.

“As a country, we face the problem of preference for goods of the same liquidity and risk factors. Everything we need and use, we import, so the demand and supply of this is weakening the cedi.

“This is a problem because that means we will demand more of the dollar,” Dr. Amoah explained.

He warned that this “nonstop cycle” leaves the cedi with “no fighting chance.”

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