[ 2017-05-22 ]

Vice President Dr. Mahamudu Bawumia

Dollar has taken a commanding lead again
The vice-president, Dr. Mahamudu Bawumia, in his
presentation to mark the 100 days of Nana Addo
Dankwa Akufo-Addo’s administration, told
Ghanaians that, the government has arrested the
dollar and the key handed over to the Inspector
General of Police (IGP).

The volatility in the forex market, indicates
that, the vice-president was not entirely truthful
to Ghanaians, as the stability we recorded was
only artificial, the reality is hitting us hard
now.

The dollar, has started running again and it
doesn’t look like the government, has what it
takes to stop it.

Over the years, we have had to as a people deal
with the phenomenon of the appreciation of the
dollar, against the cedi. This is partly because
of our penchant for foreign goods.

Until, we disabuse our minds of the fact that, not
everything foreign is good for us, no government
now or in the future, can arrest the depreciation
of the cedi.

We were told by the same Dr. Bawumia in the run up
to the 2016 elections that, Ghanaians price in
cedis, but think in dollars. The situation
hasn’t changed, these days, even rent and school
fees are charged in dollars.

The Central Bank of Nigeria (CBN), not too long
ago, flooded the market with dollars, forcing
those hoarding the currency to rush to the banks
and the forex bureaus to change.

The Naira, which was hitherto struggling like the
cedi, has regained some value.

Ghana can go the same way, whiles we try to
encourage the consumption of made in Ghana
product.

Source - theheraldghana.com

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