He said, far from being a prophet or doom, there are all indications pointing to the fact that, if certain measures are not put in place the new cedi will certainly travel the same route as its predecessors. Making his contention in an interview with The Independent, Professor Frimpong Boateng, who is one of the aspirants seeking to lead the ruling New Patriotic Party (NPP) to the 2008 elections, disclosed that, the introduction of the new Ghana Cedi is nothing new to Ghanaians since it is the third in a series.
He said the two previous cedis first introduced in 1965 by Ghana's first President, Osagyefo Dr. Kwame Nkrumah and second in 1979 by the then Flt. Lt. Jerry John Rawlings, suffered devaluation and depreciation due to the corrupt and unacceptable attitudes of some Ghanaians. Diagnosing how the new Ghana cedi could stand the test of time, Professor Frimpong Boateng gave several antidotes which could help save the new cedi from tumbling like the two previous ones. He indicated that some of those antidotes are a much-needed change of attitude, which if not done have the tendency of affecting the value of the cedi. He pointed out that, Ghanaians must work hard and be honest in all their endeavours at every level.
Corruption, he pointed out, is the bane of every economy and that if corrupt practices at all levels are not checked and eliminated from the Ghanaian society, the new cedi would definitely suffer unimaginable setback. "We must say good-bye to corruption,” he asserted adding that a consciousness of the value of time is an essential ingredient in the fight against the downward slide of the cedi, and the economy as a whole. Ghanaians should seek communal welfare and trust in God, he affirmed.
He said, Ghanaians should realise that the differences between Ghana and the developed partners is that, the developed nations have technology, which Ghana does not have, and since the world is driven by a knowledge economy, and since science and technology are necessary as an opportunity for improving on one's economy there is the need to improve on our technology base before we can move on. Also among Professor Frimpong Boateng's antidotes is the need to make education very practical so that things learnt in schools and in the universities could be transformed into visible and tangible products in factories and on the streets.
“We need to have an educational system, which will empower our graduates with the capacity to make machines that will work for us," the Korle-Bu CEO told The Independent.According to the NPP aspirant, the world is waiting for Africa that has embraced technology and has positioned itself to be an equal and credible partner on the world economic scene. He said, "We cannot continue to import everything from tooth pick to aircraft and expect that we can maintain the value of the new cedi," he insisted and explained that the more a country imports the more the value of its purchasing power depreciates.
Turning his attention to agriculture, the professor said we should be able to modernise it, and be able to feed ourselves as well as export some to other countries to earn foreign exchange. "We should be able to put in place agro businesses that will make farming in Ghana profitable and enjoyable,' he asserted. Professor Frimpong Boateng said there is the need to design towns and villages, and embark on sanitation engineering, including the construction of drains instead of gutters as we see all around.
"We should use technology to prevent the addition of more zeros to our currency so that there would not be the need for us to embark on expensive re-denomination exercises in the future only to remove zeros from written values of our currency.” "These and many others are measures Prof. Frimpong Boateng-Ied government would put in place to keep our currency intact and to ensure rapid development of the country,' he said.
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