Depreciation of The Cedi: Why We Should Panic
Development Economist Dr. Michael Ayamga Adongo has said, has maintained that when cedi depreciated under President Mills and Mahama, there was more external confidence in the economy than NPP Akufo-Addo’s administration Read the full details below: When the Cedi depreciated under Mills & Mahama, there was external confidence in the economy. We could walk into the capital markets to borrow at competitive rates because Ghana was not rated in the Cs with negative outlook. Investors were willing and investing in the economy. In fact, the depreciation occurred because oil companies and multinationals were demanding dollars to set up their production. Such PRODUCTIVITY-TRIGGERED DEPRECIATION OF THE CEDI WAS GOOD OMEN AS IT USHERED IN THE FIRST DOUBLE DIGIT GROWTH OF THE ECONOMY IN RECENT HISTORY. At that time, government was not broke and seeking to directly withdraw money from people’s wallets. We had not used our natural resources to collateralize loans. We had not exceeded the disaster threshold of 77% debt to GDP ratio. Above all, there was social justice. Young men and women in our Universities had hope. Hope that they had decent chances at landing jobs regardless of his surnames and political connection. Today we have the exact opposite. The Cedi is depreciating because we have depleted our resources and owe so much. The Cedi is depreciating because the outlook of our economy is negative. The depreciation we see with the Cedi today is not caused by the usual cyclical dollar demand by merchants to stock for Christmas or at the end of the financial year when multi-nationals are repatriating profits earned in Cedi. In the last four years, the good management of previous governments made it possible for this government to go to the capital market, borrow and use the dollars to shore up the Cedi and then go about tooting the titles of members of their economic team. The least said about social justice and equity the better. Today young people are made to spend their savings on forms and queue for weeks in search of jobs that have already been distributed by the ruling elite to their families, friends, wives and girlfriends. As my Senior brother Prof. Raymond Atuguba graciously said, “Ghana is broke”. Graciously because we are not just broke. Ghana is broke with a bad reputation so she can’t borrow. There is a reason to worry. There is reason to lose sleep. Thanks to the crack economic team. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
Offshore Events hits Bolgatanga with ‘BOLGAWEDEY’ Exhibition Fair 2022
Exhibitors at OffShore events have been asked to initiate confidence in what they are doing, this came as a piece of an advice from a statesman Mr. Robert Ajene. According to Mr. Ajene who was addressing exhibitors at the Offshore Event dubbed ‘BOLGAWEDEY’ Exhibition Fair 2022 stationed at Bombs Events formally Catering Rest House Bolgatanga, he encouraged them to employ more people for them see that they don’t have to go school only looking for government appointment, which he described as a kolo idea now. “Your own appointment last longer” He said “The growth of Ghana starts from the exhibition you are making here, is not always in Accra. Expand, the next time we are coming here, let’s make sure there is no space for us to display our exhibit that means you have made a lot more. I know you have shops, expand your shops”. Meanwhile, Christopher Asima of Youth Network for Societal Transformation (YNEST) who was brain behind the exhibition said he and his team are making progress with contributing to regional and national development. He also encourage participants to use the opportunity by using to market the region “If we don’t do it, who will do it for us? And if we are able to sustain it, that means we are able sustain our future” He said He believes there is something the region has to offer to the world. The Upper East Regional Director of Ghana Tourism Authority (GTA) Henry Yeladour, said, he is glad to be part of the exhibition event. “For tourism, this is what we actually called tourism, because if you look at the handicraft and the artifacts parts of the tourism and hospitality industry, this is what most people actually look out for. We talk of the tourist sites, we talk of the hotels, we talk of the travel, we talk of the restaurants, the drinking bars and night clubs. But in all, those who travel want to take back something. We say tourism is experiential, is a service and most cases when you visit the tourist site, you cannot carry the tourist site away. When you go and enjoy your night at a hotel, you cannot carry the bed away. Is the experience that you take away. So, what others want to use to show that they have gone to some is to carry the artifacts and in the Upper East Region, I can say we are so blessed particularly for the craft. In most cases, when we are talking as a region those were the potential we have a region. The host of WordFm Community Watch Show Simon Agana also used the medium to advised participant to take advertisement of their product very serious. “The radio stations in the Upper East Region have the opportunities to put your business in the lame line. Make a friend with the media, I wonder some of media friends that you can call friends. You don’t need to have money to do that. You just have to make friends with the media and there are some of the advertisement the guys will do it for free” Emmanuel Bonbande who is now the Chief Executive Officer in charge of Bombs Event center, appealed to the people of the region to develop with the spirit development to enable creation of the job to the youth who normally travel to Kumasi and Accra for nasty jobs “With this project, I can boast for not less than 25 staff that I have engaged and I know that if am able to open the whole place, I will engage more staff, so let’s do our best to encourage our brothers, instead of them traveling to down south to do other nasty job, lets also do something here to also engage them at home. Because through you development, you will be able to employ your brothers and sisters”. He appealed However, the BOLGAWEDEY Exhibition 2022 is still open for all from 4th to March 6, 2022. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093