A financial and Management Consultant Raymond Tandoh has added his voice to the call on the Akufo Addo government to take immediate steps to arrest the dollar that has seen an upward movement against the cedi in recent times.
Commenting on the issue on Good morning Boss on Kumasi based Boss fm, he lauded the Bank of Ghana for releasing $800m to stabilize the cedi but added that is not enough.
He told Wofa Kofi Appiah the host that in the interim, the measure will shore up the cedi against the dollar, ‘but medium to long term measures should be the ultimate solution to the problem of the rising dollar’.
Mr. Tandoh continued that until a policy of export drive to bring in more foreign exchange is pursued by government, the problem will persist.
He revealed that expatriates in the mining, oil and telco companies are rapatriating the profit in dollars to their home countries.
“This is another serious reason for the free fall of the cedi, if unchecked, it will be very difficult to arrest the cedi”. Mr. Tando advised.
Even though the BOG has released $800 million to aid the stability of the cedi, many financial experts say there is the need for a more prudent and long term approach the issue.
The president said last week that the free fall of the cedi has been worry for him.