The Founder and Leader of Movement for Change, Alan Kyerematen, has highlighted the root causes of the Ghana cedi’s depreciation, attributing it to systemic failures and a lack of confidence in the Ghanaian economy.
During his tour of the Eastern Region on Monday, the former Trades Minister proposed solutions to address the issue. He emphasized the need for Ghana to boost its export sector and reduce imports in order to stabilize the local currency.
Mr Kyerematen stressed the importance of implementing stricter regulations on forex operations to create a more stable economic environment. He believes that these steps are essential for the long-term health of the cedi.
In comparison to former President John Dramani Mahama and Vice President Dr Mahamudu Bawumia, Mr Kyerematen confidently expressed his ability to revive the local currency through effective policies and interventions.
He urged for urgent action to tackle the fundamental causes of the cedi’s depreciation, advocating for increased exports and tighter oversight on foreign exchange operations as key measures to revitalize the economy.
Mr Kyerematen pointed out the importance of production and exports in generating foreign exchange, stating that without these, the cedi will continue to struggle. He criticized the lack of focus on this issue by previous leadership, emphasizing the need for a systemic change.
In conclusion, Mr Kyerematen emphasized the critical role of production and exports in strengthening the cedi and positioned himself as the best candidate among his counterparts to address this pressing issue.
