Ken Thompson, Chief Executive of Dalex Finance has stated that Bank of Ghana cannot really do anything to arrest fast depreciating cedi.
Ken Thompson emphasized that the central bank does not produce dollars and can only work with the resources available; giving an analogy that “the BoG can only make the soup with the meat they have.”
Speaking on Accra-based Joy FM, he added that more than 75% of containers that come into Ghana go back empty.
“The cedi cannot stabilise when you continue exporting air,” the finance expert stated
Mr Ken Thompson added that the any attack from the media should be directed at the Agric Minister, the Trade and Industries Minister and the Ghana Export Promotion Authority.
“Haul them before you ask them what they are doing to fill those containers [when they are leaving Ghana’s ports],” he suggested.
He insisted that the percentage of exports should be the Key Performance Indicator (KPI) of every government.
“…because it [exporting air] destroys the value of the cedi and it doesn’t make sense. It is a crime,” he lamented.
“You cannot have a stable currency if you import everything. The only way we can stop the problem is to export ourselves out of it,” he added.
“If we solve that problem we stop it,” he said.
Advising retailers, Mr. Thompson said instead of focusing on just their imports, they should invest in exports as well. “Look for something to export, even if it’s chewing stick,” he said.