A development economist, Dr Frank Bannor has proposed some measures aimed at addressing the seasonal depreciation of the cedi.
Bannor wants government to ban the import of some products into the country and also take a critical look at how forex is traded in the country to address the problem.
The cedi has depreciated by about 14% against the dollar this year, fuelled partly by foreign exchange (forex) supply shortfalls.
The local currency, which was trading in January at GHC11.97 to a dollar on the interbank market and at GHC12.33 in the retail market, is currently being bought between GHC13.9000 and sold at GHC13.9140 to the dollar at the interbank rate.
Speaking to Kwaku Nhyira Addo on the Asaase Breakfast Show on Monday (27 May) Bannor proposed for the banning of some imports and relook at the trading of forex in Ghana.
“We can ban imports of some goods into the country. It is one of the critical measures we need to take and also at how we trade dollar within our economy,” Bannor said.
Listen to Dr Frank Bannor in the attached audio clip below:
Reporting by Fred Dzakpata in Accra
Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Azay FM 89.1 (Takoradi), Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nyatefe Radio 94.5 (Dzodze), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5
Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand
