Ghana Cedis  Problem Will  Be Solved  -If Government Fight Corruption And Importation Of Goods

The former New Patriotic Party (NPP) secretary for Tain Constituency in the Bono Region, Mr. Adama Coulibaly, has identified corruption and too much importation of finished goods as the major causes of the depreciation of the Ghana cedi.

"Unless corruption is seriously tackled and importation of goods dealt with we will continue to see the cedi fall. He admonished that we need to revise our regulations on production, and  what we consume in the country in order to abate the cedi's depreciation," he noted.

He added that Ghana has to put in place temporary measures to deal with the dollarization of the economy and free the fall of the cedi.

Mr. Coulibaly is, however, of the opinion and of a dogma that the government must first of all deal substantively with most corrupt practices, over expenditure and too much greed in the system.

The former secretary was speaking in an exclusive interview with Tain FM Anopa Nkommo show.

He indicated that if the government is creating more of internal industries and cut the supplies from international market, the inflation factored by food, fuel and the exchange rate will be in conviction could address the issue of inflation.

Mr. Coulibaly opined that on the practices, there is no money that is backed by production in the country, therefore puts pressure on the foreign currency because of dependency of foreign aids in the system.

He concluded that Ghana's reliance on exporting raw materials and importing finished products contributes to the country's persistent demand for, and less supply of, foreign currencies.

"This is why, for a long time, Ghana's cedi has been depreciating against the other major trading currencies," he noted.

He stated that if Ghana reduces over expenditure, corruption and reviews some portions of the laws in our constitution.