Williams Peprah to government: Redenominate cedi within six months to rescue currency

The finance expert said the move would lower prices and the value of monetary commodities in the country

A finance expert and an associate professor with Andrews University in Michigan, USA, Prof Williams Kwasi Peprah, has called for the redenomination of the Ghana cedi.

According to Prof Peprah, this will cause financial psychology, economic and behavioural change on the part of currency dealers in rushing to buy the dollar as a store of value.

He said the cost of redenomination of the cedi would be lower than the cost of inflation and the fast devaluation of the cedi.

“This must be considered within the next six months. This would lower prices and the value of monetary commodities in the country”, Prof Peprah indicated.

He said, “it is 15 years after the last cedi redenomination. Similar situation was faced in 2006 and by 1 July 2007 the cedi was redenominated.

“Currently, both IMF and the World Bank admit that the cedi is over valued enhanced the devaluation admits the weakness in the balance of payment. The current situation may lead to unrest, therefore, this proposal if implemented will cool the down the economic heat.

“The currency redenomination will close the gap between the cedi and the foreign currencies as store of value. The physiological impact will be great. In short the value will be the same,” Prof Peprah added.

Listen to the audio below:

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