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Adopt new measures in tackling free fall of cedi – Forex Bureau Association to government

Dr. Alex Akpabli

The Forex Bureau Association of Ghana has taken a swipe at the government for being adamant in tackling the cause of the depreciation of the cedi.

According to the Vice President of the association, Dr. Alex Akpabli, the inadequate supply of dollars is hurting the operations of forex bureaus, hence government should come up with new strategies to encourage the export of value-added goods to bring in more foreign earnings.

Dr. Alex Akpabli speaking to Joy Business said government needs to devise strategic ways to save the fast nature of the cedi.

“In the medium term, I think that traders must be very cautious especially those who need the dollar for business transaction because what is happening is there is no dollar in the system. The depreciation is caused by the demand and supply factors, so they need to lower their demand for the dollar”.

“Government must come in to encourage exporters especially anything that bring foreign currency. And we need to reduce our debt as a country.

He bemoaned why the economic managers of the economy seem to be conservative in dealing with the issues.

He pointed out that there is the need for the economic managers to find different ways in tackling the situation.

“Those in charge of the economy are very intelligent, our energy is rather on the effect and not the cause so government must wake up and tackle the issue”, he bemoaned.

Dr. Akpabli however said things will work out if all these factors are put in place.

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