Raw exports cause of cedi depreciation – Currency analyst

cedis-604x330Currency analyst Sammy Ampah has said government’s failure to add value to its major exports is a reason for the continuing depreciation of the cedi.

This comes on the back of comments by former President John Agyekum Kufuor that the cedi is fast losing its value because Ghana is almost an import-dependent economy.

Minority spokesperson on Agriculture, Dr Owusu Afriyie Akoto has also criticized government’s seeming lack of effort in investing in the cocoa sector.

In an interview with Citi News, Sammy Ampah said that very little or no effort has been made to add value to the country’s cocoa and gold hence the nation’s current situation.

“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.”

source: citifmonline.com