As Ghana’ currency continue to depreciate against some major trading currencies such as the US dollar and the British pound, Ghana’s Former President, John Agyekum Kufuor tasked the John Mahama administration to be aggressive in diversifying the country’s exports.
The cedi has continued to depreciate despite some monetray measures employed by the Bank of Ghana to stop the decline.
Since January 2015, the cedi is reported to have depreciated by over 20 percent and is presently selling at 4 cedis 6 pesewas the US dollar.
Former president opined that “the current challenge calls for drastic measures”.
He suggested a policy shift to producing goods that could be exported to increase the country’s foreign earnings.
“If we are going to get the hard currency it will mean developing manufacturing and other export commodities which will earn the hard currency and push our cedi up.
“Without that the cedi might keep dropping and it will go back to the point where even if you want to buy bread, you have to get a wheel barrow and put the cedi in just to buy bread”, he added.
