Deputy Finance Minister Dr. Stephen Amoah disclosed that Finance Minister Dr. Mohammed Amin Adam has developed a series of short-term plans targeted at stabilizing the national currency in an effort to counteract the cedi’s ongoing erosion against the US dollar.
Dr. Amoah emphasized the vital role that citizen collaboration plays in lowering imports, which he noted is crucial for the long-term stability of the cedi, even if he did not reveal the precise steps being implemented.
“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.”
Still, it’s a brief period. To ensure that its impacts are long-lasting, I think the nation as a whole needs to take a seat, think, and plan,” he continued.
He emphasized that in order to strengthen the cedi, Ghana must reduce its reliance on imports, especially those related to agriculture.
“We must cut back on the amount of things we bring into the nation. Naturally, imports of any agricultural items must end, according to Dr. Amoah.
He blamed Ghana’s inclination for imported items for the cedi’s depreciation, saying that this increases demand for US dollars.
“As a nation, we struggle with consumer demand for products with comparable risk and liquidity characteristics. Since we import everything we use and need, the supply and demand for this Still, it’s a brief period. To ensure that its impacts are long-lasting, I think the nation as a whole needs to take a seat, think, and plan,” he continued.
He emphasized that in order to strengthen the cedi, Ghana must reduce its reliance on imports, especially those related to agriculture.
“We must cut back on the amount of things we bring into the nation. Naturally, imports of any agricultural items must end, according to Dr. Amoah.
He blamed Ghana’s inclination for imported items for the cedi’s depreciation, saying that this increases demand for US dollars.
“As a nation, we struggle with consumer demand for products with comparable risk and liquidity characteristics. Since we import everything we use and need, the supply and demand for 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.”
