The recent injection of about $800 million into the economy by the central bank coupled with the recent issuance of a $3 billion Eurobond which was oversubscribed by six times had led to the cedi regaining some value and closing trading yesterday at GHS5.09p down from the GHc 5.60p in mid-March this year.
This move by the central bank however had been criticized sternly by some school of thoughts as well as some members of the biggest opposition party claiming the process profess no lasting solutions to the situation as the issue may suffice within the shortest window period.
But Univers Business has been speaking to Economist and lecturer at the Wisconsin University, Dr Samuel Worlanyo, on the surest way as a matter of urgency to finding lasting solutions to the fragile and unstable cedi.
And according to him this initiative is a “necessary evil” that can save the situation in the shortest period.
hence the industrialization process towards advanced productivity must be pursued and speed tracked in a bid to achieving this feat.
“We need to take the industrialization drive very serious in other to industrialize the country going into productivity, production, manufacturing,agribusiness.
We also need to look at the petrochemical and pharmaceutical industry and be able to make much more investments in these areas and that the only way we can sustain the economy thereby strengthening the local currency” he said.
Further commenting on how to make the export domain strategic in a bid to boost export to make up for the gap existing within the industrial sector, Dr. Worlanyo hinted that government must possess a strong political will in order to facilitate sustainable development and economic growth.
“It depends on leadership, so there should be some political will to be able to curtail the menace. So there must be a leadership core. The policies are already there but we lack the enforcement so the agencies must be made to work effectively and that’s the only way. It all boarders on leadership”he added
He then concluded on the note of the climax of the Ghana month celebration and advised government to reduce expenditure as we exit the IMF deal, invest in areas where we can gain laudable returns and desist from carrying business with a political lens.
Story by: Yohaness Awunyo Kofi Kuvor|universnewsroom.com