Cedi Depreciating Due To Raw Exports – GCPP

General Secretary of the Great Consolidated Popular Party (GCPP), Citizen Ato Dadzie has said Ghana cannot stabilize the cedi against major trading currencies because all we export as a country.

The Cedi continues to depreciate against foreign currencies and efforts to stabilize it have not yielded the desired results.

“The reality is that, each time Ghana imports, so much in brought into the country in containers however, most of the containers that bring these imports leave the shores of Ghana empty. The basic science fact is that, an empty container is occupied by air, “Citizen Ato Dadzie exclusively told Accra-based Original TV.

“I guess a lot of analysts and every government knows that this is the way to go, this is not something that is new. It is something that we have been talking about since independence that they should add value to our cocoa, that they should add value to our gold. But what has happened currently is that we have not adhered to such directive. If we keep going on like this, it will be as if we do not know what we want as a country.”

He explained that Ghana in its current state needs “a government who will come in and say this is the prescribed way to go and I am going to do it irrespective of the consequences that might confront me as a government. I’m going to do this to safeguard the future of this country…that is the point we have been talking about. If that is done, I think this country will not be the way it is at the moment.”

He further stressed that,the lack of industries to process many of the raw materials produced by farmers is worth looking at.

“Ghana, therefore, needs to increase her exports of value-added resources so as to earn enough foreign exchange to take care of the difference and shortage within the economy,” he said

He holds the view that,” the best indicator for measuring the performance of government should be the percentage of export of the country.”

“Ghana’s Cedi Depreciation headache is that we import everything from toothpick, to sponge. Ghanaians are so much interested in buying and selling instead of producing or manufacturing.”

Today 1 dollar is exchanged for GHS15 On a daily basis the Ghana cedi continues to depreciate making it difficult for business, importers and government to transact international business without losing.