2024 polls: I’ll revive depreciating cedi – Alan

The Founder and Leader of Movement for Change, Alan Kyerematen, has observed that the depreciation of the Ghana cedi is due to systemic failures and a lack of confidence in the Ghanaian economy.

According to the former Trades Minister, the local currency may continue to depreciate against major trading currencies unless Ghana increases its exports and cuts imports.

The 2024 Independent presidential candidate made a number of proposals during his tour of the Eastern Region on Monday.

Mr Kyerematen further indicated that improving the export sector and implementing stricter regulations on forex operations could create a more stable economic environment.

He believes these steps are crucial for the long-term health of the cedi.

He further asserted that between him, former President John Dramani Mahama, and Vice President Dr Mahamudu Bawumia, he is the best candidate to revive the local currency.

Also, Mr Kyerematen emphasised his ability to implement effective policies that would strengthen the cedi.

He called for urgent interventions to tackle the root causes of the cedi’s depreciation, emphasising the critical need for increased exports and implementing stricter oversight on foreign exchange operations as pivotal measures to revive the economy.

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“The strength of the cedi is dependent on the demand and supply of foreign exchange. There is no other way unless you produce and export. Because if you don’t produce and use that to export abroad you won’t get dollars into the system. But have you heard a head of state talk about this before? So it is a systemic failure for a long time.”

There appears to be no end in sight for the depreciation of the Cedi – Mahama

“So between Alan, ex-president Mahama and Dr Bawumia, if its production and exports that would revive the cedi, who amongst the three of us can do that? If we have made that mistake all these years and we now need someone who can do this then it is Alan who can do that,” he said.

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