Dr. Nyame-Baafi, a Senior Lecturer at the Ghana Institute of Management and Public Administration (GIMPA) and Senior Fellow at the Institute of Economic Policy Research and Policy Planning (IERPP)
A Senior Research Fellow at the Institute of Economic Research and Public Policy, IERPP, Dr. Kwasi Nyame-Baafi, has admonished Government to allow the Cedi to appreciate naturally as that would have more benefits for Ghanaians in general and not a few.
Commenting on the sidelines of the Mahama Government’s decision to reduce cocoa prices from ₵3,600 to less than ₵2,600, the economist stated that the cocoa sector wouldn’t have found itself in the current situation if the Cedi was being allowed to appreciate naturally.
“No one is calling for the Cedi to slide to 16. The point is that it shouldn’t be propped up artificially” Dr. Nyame-Baafi wrote.
“Instead, we should invest in the real sectors of the economy so the Cedi can appreciate naturally, benefiting everyone, not just a few” he indicated.
The Government of Ghana has announced a reduction in the price of cocoa beans following an emergency cabinet meeting.
The news of the reduction has been received with anger by cocoa farmers, leading to many of them expressing frustration and disappointment in the Mahama administration.
Dr. Nyame-Baafi contends that the decision by the government to pump more Dollars into the economy ostensibly to shore up the value of the Cedi is partly to blame for the current crisis in the cocoa sector.
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