Cedi Wahala: Expert Dey Talk Say We Need Oversight Committee
Economics Professor Godfred Bokpin dey beg government for Ghana say make dem set up one oversight committee sharp sharp. E say dis committee go help close di gap between di official exchange rate of di Ghana cedi and di black market rate. E warn say exporters dey suffer because of dis wahala.
Prof. Bokpin yarn dis tori for TV3’s Key Points programme. E say di difference between di two markets don dey cause problem for businesses and e dey spoil economy confidence.
“Wetin we need now na oversight committee wey go dey track how dem dey use foreign exchange market and make sure say everything dey transparent,” Prof. Bokpin talk.
E add say: “If dem set up di committee well, e go bring back confidence and protect exporters wey dey lose money because of di gap.”
Who Go Dey Di Committee?
Prof. Bokpin suggest say di committee suppose get people from government, Bank of Ghana (BoG), exporters, importers and independent economists.
E explain say dem no fit close di gap one time, but dem need to do am gradually. E say dem need to enforce di laws wey dey already, tighten oversight and make sure say policy dey consistent.
“If we no do dis things, di black market go continue to dey strong,” e warn.
Exporters Dey Suffer Pass
Prof. Bokpin explain say exporters dey feel di pain pass when di cedi dey go up and down too much. E say when di cedi appreciate sharp sharp and den depreciate again, companies no fit plan.
“Exporters dey suffer pass because dem dey earn in foreign currency but dem dey spend in cedis. So, when di cedi dey change anyhow, e dey chop dia profit,” e talk.
E add say di matter no be just technical, e dey affect jobs and economy growth. E say na about protecting exporters, saving jobs and making sure say businesses fit plan well.
Di Foreign Exchange Act, 2006 (Act 723) give power...