Member of Parliament for Tamale Central Murtala Muhammed has advised government to reduce the importation of rice and poultry products into the country in order to resolve the woes of the Cedi.
The lawmaker said, he has no doubt that is the cause of the cedi depreciation and as a result the best solution to halt the drastic depreciation.
The former Deputy Trade Minister said he can bet his last penny that the Cedi will get out of the doldrums and gain against the dollar if the government heeds his words by reducing importation.
Speaking on the New Day show on TV3 on Friday September 23, The Member of Parliament suggested the action by the Bank of Ghana against the black market if not the solution.
He said “People are bring in rice and they don’t even pay taxes, a lot of corruption at the borders, a lot of corruption particularly borders with Ivory Coast.
“So if you are crying like a spoiled child that the Cedi is losing its value, ensure that you reduce the importation of rice and poultry products in into this country and I can bet my last penny, the Cedi will indeed reemerge from the doldrums.”
Fraud and Security Analyst, Mr. Richard Kumadoe, a panel member on the show said Bank of Ghana should do more in dealing with black market foreign exchange operators in the country despite the recent action taken.
He wants the central bank and the security agencies to go beyond just arresting the perpetrators to investigate persons who are behind their operations.
“Money is a commodity just as in basic economic when it comes to goods and services . Bank of Ghana is the custodian of many of the moneys we have particularly the Dorla that has been in limited supply.
“They might end up going after the black market people but what are the core issues? Will that really solve the problem?
“Who are the beneficiaries of these moneys? What do they use it for? Can’t they have any alternative? I think there are many things we can do far better than now,” he said.
The BoG, together with the Ghana Police Service, on Tuesday 20th September 2022, conducted a special operation on foreign exchange (forex) parallel market operators (otherwise known as black market operators) at identified hot spots within Business District (Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market and Lava) and throughout the country.
In all about 76perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide.