Entrepreneur coach and politician PV Dadson Boateng Jantuah has urged government and the Central Bank to carry out another redenomination of the cedi if the country can afford it.
According to him, that is one surefire way to battle the ongoing soaring inflation and depreciation of the cedi.
Speaking on Ultimate Fm, Jantuah suggested the remedies as he discussed the current economic crisis in Ghana.
“The situation that we find ourselves in, any economist will tell you, if we can afford the cost, we have to do redenomination again, either we remove one zero or two zeros. You can’t control anything in this country; we need at least eight to ten years with a committed plan to get ourselves out of this mess. The redenomination is a medium to long term solution” he stressed.
“We need to get our currency a bit up and that is it, ask any economist, they will tell you. It’s one of the options if we can bear the cost or if we have the means to cover the cost in printing new currency notes”, he added
In July 2007, the Cedi (¢) was redenominated to the Ghana Cedi (GH¢), such that ten thousand Cedis became equivalent to one Ghana Cedi.
Speaking further, Jantuah said the 2007 re-denomination was not well planned to coincide with national economic development which is something that we can rectify this time.
“The first one that we did in 2007, the mistake that we did as a country was that, we should have supported it with economic development plan, because you see you cannot stabilize a country’s currency without the country attaining the status of economic development.
“Where the greater items the people use on a daily basis are manufactured and consumed by it and also pursue exports for the benefit of the country. The 1D1F, the agenda was well-crafted, there was no strategy to drive the agenda. It doesn’t make sense when the items we are trying to promote someone is vigorously importing them into the country and for all you know the imported once are cheaper than that of the once manufactured here. That defeats the agenda” he retorted.
Source: theGhanaianVoice.Com