James W. Tamakloe, NPP Communication Team member for Tema West Constituency, has raised concerns about the government’s plan to sustain the cedi’s value if investors shift their focus back to the dollar.
On Plan B FM’s Nkɔsoɔnsɛm programme hosted by Obidehyeɛ Kofi Sekyi, Tamakloe attributed the cedi’s recent appreciation to investments in gold rather than the dollar. He noted that major currencies are strengthening against the dollar.
Tamakloe questioned the potential consequences of investors returning to the dollar and urged the government to develop a plan to mitigate any adverse effects on the cedi.
“The government must have a dollar investment plan that will cushion the cedi should investors get back to investing in the dollar,” he proposed.
Contrasting View from NDC
Christian Afetor Dela, NDC Communications Officer for Tema West Constituency, offered a different perspective. Dela noted that whenever there’s a surge in transport fares, it has a knock-on effect on prices of goods and services.
He explained that, since Ghana is no longer in the era of price control systems, market forces would dictate prices, making direct government intervention challenging.
Dela added that the best approach would be for the government to appeal to traders to adjust their prices in response to the cedi’s appreciation, rather than attempting to enforce price controls.
“We could only appeal to traders to reduce prices of their goods and services as the cedi is appreciating against the dollar, but not force them as they are in competition with other traders.”
By: Longman/Planbfmonline.com
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