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Cedi Depreciation Can’t Be Solved With Public Lectures And Flawed Analysis – Nii Moi Thompson
A former Director General of the National Development Planning Commission (NDPC), Dr. Nii Moi Thompson says the government must take practical steps in addressing the depreciation of the cedi.
He said the situation cannot be tackled successfully with “flawed and politicized analysis or through public lectures.”
In an article highlighting the cause of the country’s currency and proffering some solutions, Dr. Thompson indicated that the situation has been significantly addressed if government cuts down on its foreign expenditures including foreign trips.
“It is clear that the cedi’s woes cannot be addressed successfully with flawed and politicised analyses, or through public lectures full of sound and fury that signify nothing. Addressing those woes will, instead, require sober reflection, a clear vision of the cedi’s and the economy’s future, sound policies, and disciplined action, all of which will certainly transcend governments,” he said.
“In the immediate term, as the crisis rages on, the government must begin as a matter of urgency by curbing frivolous spending, especially spending that is likely to weaken the cedi further. This includes the importation or purchase of luxury vehicles; a reduction in foreign travels by public officials (if they could do it at the height of Covid, they can do it now); an end to the president’s extravagant lifestyle and those of his appointees generally; an end to endless foreign “medical reviews” for public officials, including MPs; and any other spending that puts needless pressure on the cedi,” he added.
