Business magnate, Dr. Papa Kwesi Nduom, has opined that the several short-term solutions being tabled by the central bank, Bank of Ghana (BoG,) to arrest the fall of the local currency, the Cedi, will not work till problems facing the economy are solved.
According to him, government must meticulously support local businesses to produce and grow by making sure they have a market right here in Ghana as well as help businesses export the surplus.
Dr. Nduom made these remarks and more on his Facebook page in a post tiled: “The Trials and Tribulations of the Cedi,” yesterday.
He went on to advise that while government does the above, consistent and persistent reforms are needed in the public sector.
He recommended that Ghanaian businesses are given the technology needed to raise efficiency and productivity so as to be able to produce more to meet global and local demands.
“Let’s cast aside election-focused administration and do the needed to make this country stronger,” he admonished parties involved in building Ghana.
He hoped the cedi depreciation will not get apparatchiks of the Mahama-led administration blaming the opposition, the media and business people for the problem.
Dr. Nduom said: “some people have suggested that government is doing this deliberately to make its Cedi debt owed to the Bank of Ghana cheaper so they can source fewer dollars to clear the debt!”
“…my point once again is that there are no quick or easy solutions to be found here as we continue to experience.”
It will be recalled that on January 28, 2014 Dr. Nduom wrote on his Facebook wall that careful research will show that the depreciation of the cedi did not begin this year  or last year  and charged that national currency has consistently depreciated for the past twenty years.
“It has been reported that most banks in Ghana are facing a shortage of US dollars. The huge demand for US dollars is driving the value of the Cedi lower and lower. So short term solutions will not work today just as re-denomination did not provide a solution,” he wrote in 2014.
In view of this, he advised that if the fundamental problems facing the economy are not resolved, no short term solution or legislation as suggested by the Vice President, Paa Kwesi Amissah Arthur, will solve the problem.