A senior lecturer at the Kwame Nkrumah University of science and technology, KNUST Dr. Grace Ofori Abebrese has backed calls on the need to patronize made in Ghana goods to help the cedi appreciate against the major trading currencies.
The cedi’s performance against major trading currencies in recent times has been quite abysmal and most experts have attributed it to the low exports as against high imports and excessive borrowing.
Dr. Grace Ofori Abebrese, a lecturer at KNUST has also added her voice to the call on government to stop excessive borrowing and is urging Ghanaians to patronize made in Ghana goods to discourage imports.
In an interview on focus morning show, she stated that although most made in Ghana goods and services are at times expensive as compared to those imported into the country, Ghanaians should sacrifice to pay more to help local industries grow to make the cedi appreciate.
Dr. Grace Ofori Abebrese says the cedi keeps depreciating because there is always a demand for trading in other currencies since the country imports more and borrows or do a lot of businesses using other major trading currencies other than the cedi. She is therefore discouraging the over-reliance on the use of other currencies and trading from other countries.
She believes when this is done, the cedis will appreciate and would relieve the country of its hard economic times.
