Development and Public Sector economist, Dr. George Domfe, has cautioned against the continuous injection of more US Dollars into the economy by the Bank of Ghana, describing it as unsustainable.
“The Bank of Ghana is not allowing the market forces to determine the rate of the local currency, the Cedi, against the US Dollar. That is beneficial in the interim but its repercussions for the economy in a few months to come would be dire” he offered.
He asked how the continued pumping Dollars into the economy without corresponding market forces playing their respective roles could help create jobs for the teeming Ghanaian youth.
“Allow the market forces to determine the rate of the Cedi against the US Dollar and other major trading currencies. The Bank of Ghana can bring the Dollar down by pumping in more Dollars, but it doesn’t create jobs. It is not a sustainable thing to do” Dr. Domfe stated.
Dr George Domfe, who is a Senior Research Fellow at the Centre for Social Policy Studies (CSPS) at the College of Humanities, University of Ghana, advised the Governor of the Bank of Ghana to focus on policies that can bring real growth into the economy.
The Founding President of Africa Policy Lens also advised the Mahama government to pay attention to industrialization which would lead to reductions in imports, thereby creating employment for the country’s youth.
He expressed these concerns on Monday, June 23, on Peace 104.3 FM’s flagship show, Kokrokoo, which was hosted by Nana Yaw Kesse, the Cardinal, who sat in for Chairman General, Kwami Sefa Kayi.
