[ 2014-08-19 ]

Scrap The Cedi As Legal Tender – Yale Professor
An Economics Lecturer at Yale University, Vikram
Mansharamani, says the rate at which Ghana's local
currency, Cedi, has devalued since the country's
independence should inform authorities to scrap
its usage as legal tender.

Dr Mansharamani noted that the Cedi has
depreciated 99.99 per cent since Ghana's
independence in 1957 and that is the cause of the
country's economic woes.

He made these suggestions in an interview with TV3
on Friday, August 15.

He said a country like Hong Kong is doing well
currently because it abandoned its local currency
for the US Dollar, suggesting that Ghana can adopt
the US Dollar as its currency.

The Cedi was introduced as legal tender under the
presidency of Osagyefo Dr Kwame Nkrumah in 1965
and has been under the regulation of the Bank of
Ghana.

'The Ghana Cedis has emotional attachment,' Dr
Mansharamani admitted but stated that if the
regulators of the currency have not the
capabilities, they should outsource it.

He cited the performance of the CFA by Francophone
West African countries as evidence that Ghana can
adopt another country's currency to run its
economy.

Source -

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