What is on my mind today? Confidence needed in the banking sector, any suggestions? Went to the bank yesterday. inquired from a bank official why the quiet and she says to me, the people with huge sums of cedis are just withdrawing and not depositing as before, she believes they are buying DOLLARS in the free market and stocking it elsewhere.Everyday the cedi loses more of its value so it does not make sense to have cedis,worse she says even if they wanted to save the money at the bank at no interest, they would have a hard time withdrawing their money with all these new regulations( which in itself not too bad) except we are not working hard to restore confidence in our currency. If this continues by the end of next month the Ghc5 will exchange for a single US$. There is no end insight , that is the worry.People taxed with fixing the economy do something. Some statements coming from Govt appointees not helping at all, if the Governor of BOG and the MIn of Finance keep trumpeting the pros of a weak local currency without the cons , a skewed argument when we all know the reality on the ground it just makes matters worse. The more the cedi depreciates against the $, causes a rise in prices for all imported products and local products which use imported raw materials. Labour will agitate for an upward adjustment in salaries, price of petrol will have to be raised again, utility bills follow etc. How does local production to curb our dependence on imported goods compete on the global market when our cost of production keeps rising in relation to the rest of the world? Somebody help us, help ourselves
Posted on: Sat, 26 Jul 2014 11:00:44 +0000
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