Rev. Michael Yaoo Banson, Resident Pastor of Rehoboth Holyfire Revival Ministries International, has expressed frustration over the rapid depreciation of the Ghanaian cedi, citing a 15% yearly reduction as a major issue.
In an interview with Nana Asabea on Plan B FM’s social and lifestyle programme, Nyansapɔ Fie, he questioned the effectiveness of laws aimed at promoting the use of the local currency, highlighting the prevalence of bribery in enforcing penalties.
“Who follows who when the law is concerned?” he queried, criticising the current system that allows offenders to bribe their way out of fines.
Rev. Banson emphasised that the system is flawed and that bribery undermines the law’s intended purpose. He specifically pointed out the 700 penalty unit fine associated with refusing to accept the cedi as payment, calling it excessive and an opportunity for bribery.
“The psychology does not work like that and so must be changed,” he stressed, urging leaders to take a firmer stance against those who seek to circumvent the law.
Rev. Banson highlighted the importance of adapting to the changing financial landscape, stating: “Ultimately, we need digital currencies in this our era. The whole world is going forward and we too must be talking digital like the mobile money. Let’s empower our people to do the same.”
The call for reform underscores the need for a more effective approach to enforcing currency laws and promoting the use of the Ghanaian cedi. With the cedi’s value continuing to fluctuate, finding a solution to these issues is crucial for Ghana’s economic stability and future growth.
By: Planbfmonline.com
Discussion about this post