Home / ARTICLE / Print Cedis To Take Care Of Local Debt – Nana Kweku Ofori Atta Cautioned Government

Print Cedis To Take Care Of Local Debt – Nana Kweku Ofori Atta Cautioned Government

 

 

In the quest of finding everlasting solution to fix Ghana’s economic crisis, I am pleading with government to stop using high currency like the dollar in issuing payments for local debts to save our local currency from depreciation due to the high rate of the dollar, which causes the nation a great loss.

In any case, why should government approve payment of local debt with foreign currency?

Aren’t we supposed to use our local currency by law as the only authorized currency (cedis) in trading within our country to enhance our economy for it to be stabilized?

Could it that the government has intentionally turned a blind eye to this issue?

People are quoting house rents in dollars. What is Rent Control doing about that?
Does the law permit such transactions?

Again, the Real Estate companies are equally quoting prizes of their properties( lands and houses) in dollars.

What value do the private Real Estate Companies add to the nation’s economy since they are trading with dollar instead of the cedis.
Not to talk of certain car garages and rental agencies who as well quote their prices in dollars.

Are these various private institutions helping the nation or adding more hardship to the ghanaian economy by quoting dollars in their trading instead of the cedis?

I am not surprised to see these private hostels in our university campuses equally quoting rents in dollars from both local rich and foreign students.

Is that the right way to add value to our nation’s economy as private institutions who are supposed to help develop the nation’s economy, but rather destroying the nation’s economy.

I am calling on government to ensure that government institutions such as the Bank of Ghana, Rent Control and the others who are responsible to be the watch dogs serving as regulatory authorities begin to caution these private institutions immediately to desist from such conduct in order to save our nation’s economy.

Secondly i am suggesting to government of Ghana to begin to use some of the printed money to fuel the private sector to enhance growth of manufacturing and processing to assist them export their products.

The problem in Ghana is not mainly from the politicians.
The biggest problem is with civil servants who are murdering the economy with bribe directed Rex tape (criminal acts).

I am calling on government to give serious directives to the Auditor General to be extremely proactive enough to sanction civil servants who indulge in such criminal behavior and allow them face the full rigors of the law.

Lastly, Government should stop taking loans upon loans which are pegged to the dollar.

I believe that government will adhere to these few concerns I have raised as a concerned citizen in order to act upon to help our beloved nation Ghana.

About Dickson Boadi

Check Also

How crypto stablecoins offer a hedge against inflation in Africa

    If you keep an eye on the news pertaining to the economy, one …

MILITARY COUPS WILL TAKE US BACKWARDS — Presidential Candidate hopeful, Onipayede Ossom Teye

We Africans must know that every power pays homage to where it comes from and …