Ghana’s economy described as ‘alcoholics economy’

Chief Executive Officer of Dalex Finance and Leasing Company Limited, Kenneth Thompson, says the addiction authorities have cultivated in religiously pursuing a single method to solve the current economic crisis can best be compared to the addiction of an alcoholic.

“Ghana’s economy [has become] an alcoholics economy,” Mr Thompson stated.

He was speaking with regard to the recent regulations introduced by the Bank of Ghana to arrest the fall of the local currency.

Those regulations seem not to have worked as the Cedi continues its nosedive against the major trading currencies.

“If we don’t change our modus operandi, it will continue to depreciate; but what I am not sure about is the rate at which it will depreciate,” he told TV3’s Kweku Temeng on Thursday, June 5.

Mr. Thompson observed that the measures by the Central Bank were not going to work from Day One, and he had made that clear.

“Maybe we can manage the fall but we can’t beat the market,” he noted.

According to him, the steady fall of the Cedi could have a backlash on the economy as investors are being driven away while “people are still losing confidence in the economy.”

He suggested that imports should be reduced while the local industries should be strengthened.