Apply effective economic measures to revive the Cedi – Farouk Al Wahab Advised

An international diplomatic consultant, Farouk Al Wahab, has criticized the government and the economic management team in the county for not putting in the deserving effort in redeeming the Cedi from devaluation.

According to a Blumberg report, the Ghanaian cedi is been classified as the worst-performing currency in Africa with the worst spot returns of 8.86 percent making it now traded at 7.50 per dollar on the retail market which is a reason many citizens have been raising concerns including Mr. Farouk Al Wahab.

The eminent International diplomat in an interview with Kofi Adoma Nwanwani on Kofi TV on Wednesday, April 6, 2022, uttered that the lazy and poor economic approach on the part of our economic management bodies is what has resulted in the poor performance of our local currency in the foreign Market.

He stated “We have poor and lazy-styled economic approaching leaders that is why our economy is not performing making the Cedi unstable in its value.

Still speaking on matters about the economy of Ghana, Mr. Al Wahab said, our failure to establish a foreign export where will be exporting locally produce goods to the Western world in exchange for foreign currencies but only using our currency in purchasing the dollar is what is contributing to the loss of value of the Cedi.

He then cited what African countries like Kenya and other countries are doing which helps in sustaining the value of their local currencies, and wishes Ghana can do the same to curb the depreciation of the Cedi.

“Countries like Kenya always export goods to the western countries and get in return foreign exchange that helps them keep the value of their currency.

Mr. Farouk Al Wahab continued by stating that our attitude toward importing common vegetables such as tomatoes and onions from neighboring countries including Burkina Faso and Niger, which experience three times rainfall in a year.

“How can a fertile land like Ghana be importing common onions and tomatoes from Burkina Faso and Niger who only have three and sometimes one rainfall experienced in a whole year and still be expecting the economy to work.”

He asserted and questioned.

According to Mr. Farouk Al Wahab, the country’s economic struggles are never a result of the Russia-Ukraine war but the mismanagement on the part of those who are in charge of the economy.

By: Isaac Donkor(Distinguished) student of the Ghana Institute of journalism.