Kwame Pianim is a renowned economist
A renowned economist, Kwame Pianim, has decried the constant depreciation of the cedi that is making it difficult for Ghanaians to develop a stable savings and investment culture.
According to him, the depreciation of the currency has derailed the savings of most Ghanaians and has also caused most investments to go down the drain.
The economist said the constant inconsistencies in the performance of the cedi further dwindle the state of investments and encourage speculation that further causes depreciation.
“The Teacher's Fund I helped establish for them would have been valued at around one or two billion dollars fund if not for the mismanagement of the cedi; even though I think it is about $900 million now. So, we need to stabilize the currency,” he said during his speech at the UPSA Annual Leadership Lecture on December 11, 2023.
He added that with the rate of depreciation, the country has to find a way to stabilize the currency to boost investor confidence.
SSD/NOQ
Watch the latest edition of BizHeadlines below:
Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.
Click here to follow the GhanaWeb Business WhatsApp channel
- Trade Minister halts cement price hike
- Second-hand clothes import hits US$323 million in two years
- I won't be surprised if $1 costs GH¢20 by the end of 2024 – Kofi Amoabeng
- Dollar likely to hit GH¢20 by the end of 2024 – Kofi Amoabeng
- FLASHBACK: I fell into a debt of $5 million at age 26 – Real estate entrepreneur
- Read all related articles
