Senior Lecturer at the Garden City University College, Dr. Francis Tandoh, has criticized the Government for pricing several projects in dollar instead of the Ghana cedi.
Speaking with Peace FM News, he explained that he does not see the use of the currency since it lost significant value in the economy because of dollarization.
He made it known that the Government has failed at the initial stage by using another country’s currency which is a factor why the cedi is always depreciating.
Citing examples as the affordable housing projects by the Government which deals in dollars, again some rents are being paid in dollar, we have some international schools which pay in dollars and some hospitals as well
According to him all these are reasons why the cedi has depreciated so much.
According to Dr. Francis Tandoh it will be very difficult for the Government to stop spending in dollars because it does not know how to manage the fundamentals of the economy.
He, therefore, urged that the Government will be able to stabilize the cedi by also adding value to its exports, increase local production and cut down on imports so that there will be enough foreign exchange in the country.
Source: Gifty Akoto, Peace FM News
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