The Alliance for Revolutionary Change, led by Dr. Abu Sakara Foster, plans to tackle the depreciation of the Ghanaian cedi as its first step to revamp Ghana’s economy. Speaking on Morning Starr with Lantam Papanko, Dr. Sakara emphasized the importance of stabilizing the exchange rate to ensure economic growth and employment.
Dr. Sakara, who founded the National Interest Movement (NIM), stated that the Alliance would implement necessary measures to halt the cedi’s depreciation if elected. He highlighted Ghana’s commodities, such as cocoa, as key assets in this strategy.
“We have to stabilize the exchange rate because it’s difficult for any enterprise to be profitable, make money, and employ people,” Dr. Sakara explained. “Everywhere is cutting costs, and if you are in an economy that keeps cutting costs, the economy shrinks. You lose competition in the marketplace, you lose jobs, so one of the first things we have to do is stabilize the cedi.”
Dr. Sakara elaborated on the mechanism for stabilizing the cedi. “The exchange rate is determined by how many cedis are chasing the dollar. We need to address the big-ticket items to reduce the number of cedis chasing dollars so our cedi will have more strength.”
He identified cocoa as a significant resource that could help stabilize the currency. “We grow cocoa here, but we import dollars to buy it. We will stop that immediately. We will allow people to raise money locally, buy the cocoa, and export it. When we do that, we get the dollars. It won’t be cedis chasing dollars; it will be dollars chasing cocoa and cedis.”
This approach, according to Dr. Sakara, will reduce the pressure on the cedi and strengthen Ghana’s currency. By keeping more dollars within the country, the cedi’s value can be stabilized, supporting local enterprises and boosting the economy.
Dr. Sakara’s plan emphasizes the utilization of Ghana’s natural resources to build a more resilient economy. By focusing on stabilizing the exchange rate, the Alliance for Revolutionary Change aims to create a more favorable business environment. This strategy is expected to lead to increased profitability for enterprises, job creation, and overall economic growth.
The need for economic stability in Ghana has been a pressing issue, with many businesses struggling due to the fluctuating exchange rate. Dr. Sakara’s proposed measures could provide a much-needed solution to this problem. By reducing the dependence on foreign currency and leveraging local resources, Ghana can achieve a more stable and robust economy.
Dr. Abu Sakara Foster and the Alliance for Revolutionary Change are committed to addressing the depreciation of the Ghanaian cedi. Their strategy involves utilizing national resources like cocoa to stabilize the exchange rate, thus fostering economic growth and stability. This approach aims to create a more sustainable economic environment in Ghana, benefiting businesses and citizens alike.
Source: Ghana Web
