Cedi is overvalued‼

  |   Ghana News

Ken Thompson, a renowned🙌🏼 businessman in Ghana, has advocated that, devaluing the Cedi is the best way to approach our cash-strapped💸 economy. A currency devalues when its value declines📉 in comparison to one or more other currencies. He described it as the best option for the government🏤 as it seeks to raise revenue💰 to set off the deficits created over the years. He explained that if devaluation occurs, our goods become cheap on the international market hence more purchases👍🏼 and more foreign exchange💶. This will reduce imports👍🏼 since foreign goods will be too expensive to purchase. He pointed out to the fact that, the practice has been introduced in Ghana before👌🏻 and it’s not at all radical. He said the decision will be more painful if we continue to postpone it. “On the upside though Ghanaians will have a financial💰 incentive to produce for export👍🏼”, he concluded.

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