Odike wades into Cedi fall

Presidential candidate of the United Front Party (UFP) for the 2012 polls, Akwasi Addai, aka Odike, has noted that the free fall of the Ghana Cedi is a blessing in disguise for the country.

He stated that the seemingly weak Ghanaian currency presents a golden opportunity for the country to bounce back strongly, if the necessary steps are taken by the managers of the economy.

Speaking in an interview with DAILY GUIDE, he said countries like China, Italy, Japan and lately Turkey, once experienced similar problems.

Odike, a prominent businessman in Kumasi, the Ashanti Regional capital, said those countries did not weep at the time, but rather, they took advantage of the situation to turn their economies around.

According to him, if the government strategized properly, it could change the face of Ghana’s economy once and for all and make the country a force to reckon with on the global market.

The businessman cum politician suggested that government should source for funding for industrial machinery and loan them out to the private sector with flexible repayment terms.

Odike emphasized the need for Ghana to refrain from exporting its products in raw state to the international market, stating that “it is important that value is added to the country’s products.”

Because of the weakness of the Cedi, he said processing the country’s products locally for export would go a long way to attract international market players, which he noted, could help make Ghana a preferred business destination.

Processing goods in the country, he reiterated, would help expand the country’s economy and also provide jobs for the unemployed youth “who sell dog chains on the streets in the big cities.” He said if the current administration acted on his advice, very soon Ghana would become an industrial hub, stating that he is a patriotic citizen and so he would always offer alternative views to help his country to develop.