The devaluation of Ghana’s Cedi against the major trading currencies is of great concern to importers and traders due to its rippling effects on the national economy, but a Deputy Minister of Finance and Economic Planning in-charge of Financial and Allied Institutions believes it’s a blessing in disguise.
According to Hon. Fifi Fiavi Kwetey, the depreciation of any currency comes with advantages that could be tapped for the betterment of the country’s economy.
“…the depreciation of the currency should actually be a blessing for countries that are looking at exporting but the reason why we are complaining and suffering is because our country is filled with imports,” he claimed.
Hon. Fifi Kwetey made this disclosure during an exclusive interview with Nana Osei Mensah of PEACE FM on the ways to tackle the sharp fall of the Cedi against the major trading currencies.
The Deputy Minister of Finance and Economic Planning who doubles as the Member of Parliament for Ketu South also charged the youth of Ghana to make the most of the situation by going into exportation.
“…we need to have, especially our young people, looking at what has happened to our currency and ask question as to what we can do in order to go into export. When we talk about export, we are not just talking about exporting to Europe and America or to China but to our West-African neighbors and Africa as a whole,” he said.
This advice comes in the wake of a weak national currency which has led to demonstrations and closure of shops by the Ghana Union Traders Association (GUTA) to press home their demand for government to take action to stabilize the Cedi.
