Business News of Wed, 12 Sep 201832
Don’t say ‘cedi is weak’; rather, say ‘the dollar is strong’- Private Enterprise Boss
“When the American dollar increases in value it affects everybody else; it’s not that your currency is deteriorating, it’s because that one [dollar] became stronger, and if you compare the dollar to other currencies, we should take comfort that we are not alone.”
“It’s the dollar getting stronger, it’s not the cedi deteriorating, so, the two scenarios are different and have different interpretation”.
The above, MyNewsGH.com confirmed, are the words of the Chief Executive Officer (CEO) of the Private Enterprise Federation (PEF) Nana Osei Bonsu, who is of the opinion that it is not as if the cedi has depreciated, but rather, dollar has appreciated.
Nana Osei Bonsu was speaking to told Moro Awudu on the Executive Breakfast Show (EBS) on Class91.3FM on Tuesday, 11 September 2018.
In another development, Dr Gideon Boako, Spokesperson of Vice President Dr Mahamudu Bawumia has said relatively, the dollar is strong compared to the Mahama era.
“What is important is that; whatever the depreciation was at the time is not the same as today”…
“That is why if someone has been able to reduce the rate of depreciation from a point of 31 per cent to 6 per cent, you do not just be ungrateful to that person and say he has not done well.”
“That given the chance that person has what it takes to take you to a point where you have zero depreciation and you can think of how to grow up; that is the most important… If you do not situate the argument within that context, you will just be comparing the nominal figures”, Dr. Boako argued.