'What permanent solutions did you propose for cedi stability?' - Financial analyst asks Dr. John Kwakye

Financial analyst Dr. Michael Kwaku Dawson has challenged Dr. John Kwakye, the Director of Research at the Institute of Economic Affairs (IEA), to disclose the permanent solutions he recommended for cedi stability during his time as a member of the Monetary Policy Committee (MPC) for nearly a decade.

This comes after Dr. Kwakye called out the Central Bank for not fulfilling its role in stabilizing the local currency.

"I know that Dr. Kwakye served on the MPC for a significant period. What solutions did he suggest for cedi stability? I hear him commenting daily on the BoG Inflation Targeting framework and monetary policy issues. What alternative options or frameworks has he proposed? I believe he should contribute solutions rather than just criticism. Actions speak louder than words," Dr. Dawson stated.

He also advised economists and financial analysts to be mindful of their statements, as they can have adverse effects on the economy.

"We share one economy. Any negative impacts are felt by all, not just financial entities," Dr. Dawson emphasised.

Regarding the Ghana Gold Coin initiative, the financial analyst praised the central bank for introducing an investment option for the public.

He expressed confidence that this initiative would alleviate pressure on the local currency, as individuals who traditionally purchased dollars for investment purposes could now consider buying gold coins instead.

"This is an innovative concept, and I believe the BoG is providing the public with an alternative investment option to purchasing and hoarding dollars," Dr. Dawson remarked.

In his concluding remarks, Dr. Dawson acknowledged the Bank's efforts to stabilize the cedi in relation to other currencies but urged the public to support the Bank in fulfilling its mandate.

MA