Development economist and the founding president of policy think tank, Africa Policy Lens (APL), Dr. George Domfe, has charged the government to halt the deliberate manipulation of the forex market and allow market forces to determine the exchange rates.
In a Facebook post under the title: ’Why Artificial Stability is not Economic Transformation’, Dr. George Domfe indicated that central to Ghana’s economic transformation is a structural change, not excessive exchange rate manipulation.
“The transformation Ghana has long sought is fundamentally one of structural change. Central to this is sustained and significant growth in the real sector, capable of generating employment, expanding domestic revenue mobilisation, strengthening export capacity, and, crucially, reducing import dependence” he wrote.
“When such structural conditions are achieved, demand for foreign exchange would decline, thereby allowing the cedi to stabilise through market fundamentals rather than administrative measures”.
“It should, therefore, be clearly understood that the Bank of Ghana’s interventionist approach does not create jobs, does not enhance export performance, and, in fact, risks undermining local production by distorting incentives”, he stated further.
“This approach cannot be described as economic transformation. Rather, it represents a politically motivated, short-term strategy designed to create the appearance of economic improvement, without addressing the underlying structural weaknesses of the economy” he explained in his concluding statement.
Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nandom FM 101.9, Nyatefe Radio 94.5 (Dzodze), Sissala Radio 96.3 (Tumu), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: atlanticafricanews.com/, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5
Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseRadioXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand
