{"id":49483,"date":"2022-09-26T08:31:39","date_gmt":"2022-09-26T08:31:39","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=49483"},"modified":"2022-09-26T08:31:45","modified_gmt":"2022-09-26T08:31:45","slug":"ghana-can-have-strong-currency-if-only-economy-is-managed-well-govt-told","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=49483","title":{"rendered":"Ghana can have strong currency if only economy is managed well \u2013 Govt told"},"content":{"rendered":"\n<p><strong>Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has said prudent economic management is what will strengthen the Cedi.<\/strong><\/p>\n\n\n\n<p>According to him, the Cedi\u2019s savior lies in Ghana\u2019s own policies, and&nbsp; leveraging its own resources and capacities.<\/p>\n\n\n\n<p>\u201cOur saviour doesn\u2019t lie with reparations or international economic order as the President seems to be drawing attention to lately.<\/p>\n\n\n\n<p>\u201cOur saviour lies in our own policies, leveraging our own resources and capacities. We can have a strong currency if only we manage our economy well. Why should the CFA be stronger than the cedi when the CFA countries are none more developed than Ghana?\u201d he stated.<\/p>\n\n\n\n<p>He added \u201cThe whole of Ghana seems to be waiting for the presumed saviour IMF that has not been able to save us on 16 previous occasions. Incredible!\u201d<\/p>\n\n\n\n<p>Earlier&nbsp;he indicated that another re-denomination of Ghana\u2019s currency, the Cedi, is about to happen following the rising rate of inflation and also the depreciation against the Dollar.<\/p>\n\n\n\n<p>Unless the managers of the economy rein in inflation and depreciation, Ghanaians should expect another re-denomination, he intimated.<\/p>\n\n\n\n<p>The August inflation has reached 33.9 percent. This is a 2.2 percent increase in the July figure of 31.7 percent.<\/p>\n\n\n\n<p>Dr Kwakye tweeted \u201cPhasing out 1 and 2 cedi notes from the economy as planned by BoG, will not only put pressure on the 5 cedi notes, but will also further fuel inflation.<\/p>\n\n\n\n<p>\u201cIf we don\u2019t rein in inflation and depreciation, it won\u2019t be too long before we undertake another redenomination.\u201d<\/p>\n\n\n\n<p>In July 2007, the Cedi (\u00a2) was redenominated to the Ghana Cedi (GH\u00a2), such that ten thousand Cedis was now equivalent to one Ghana Cedi.<\/p>\n\n\n\n<p>The re-denomination did not affect the intrinsic value of the currency \u2013 \u201cthe value will be the same\u201d.<\/p>\n\n\n\n<p>Two of the reasons given by the Central Bank for the re-denomination were the increasing difficulty in maintaining accounting and statistical records; and problems with accounting and data processing software.<\/p>\n\n\n\n<p><strong>Source: 3news.com|Ghana<\/strong><\/p>\n\n\n\n<p><strong>SEND A STORY:<\/strong>\u00a0Do you have a story for us or need a promotion \/ advertisement? Submit them via our email\u00a0<strong><a href=\"mailto:dannyboy744@gmail.com\">dannyboy744@gmail.com<\/a>\u00a0and via on +233 266777777<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has said prudent economic management is what will strengthen the Cedi. According to him, the Cedi\u2019s savior lies in Ghana\u2019s own policies, and&nbsp; leveraging its own resources and capacities. \u201cOur saviour doesn\u2019t lie with reparations or international economic order as the President [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":49485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-49483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana can have strong currency if only economy is managed well \u2013 Govt told - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=49483\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana can have strong currency if only economy is managed well \u2013 Govt told - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has said prudent economic management is what will strengthen the Cedi. According to him, the Cedi\u2019s savior lies in Ghana\u2019s own policies, and&nbsp; leveraging its own resources and capacities. \u201cOur saviour doesn\u2019t lie with reparations or international economic order as the President [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.kumasionlinetv.com\/?p=49483\" \/>\n<meta property=\"og:site_name\" content=\"Kumasi Online TV\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-26T08:31:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-26T08:31:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2022\/09\/Ghana-Revenue-Authority-expects-25-billion-cedis-Revenue-following-benchmark.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kumasi Online\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kumasi Online\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=49483#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=49483\"},\"author\":{\"name\":\"Kumasi Online\",\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/#\\\/schema\\\/person\\\/71129f20b230eb698b6e82454423d7de\"},\"headline\":\"Ghana can have strong currency if only economy is managed well \u2013 Govt told\",\"datePublished\":\"2022-09-26T08:31:39+00:00\",\"dateModified\":\"2022-09-26T08:31:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=49483\"},\"wordCount\":368,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=49483#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Ghana-Revenue-Authority-expects-25-billion-cedis-Revenue-following-benchmark.jpg\",\"articleSection\":[\"BUSINESS\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=49483#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=49483\",\"url\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=49483\",\"name\":\"Ghana can have strong currency if only economy is managed well \u2013 Govt told - 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