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Business News of Wednesday, 4 July 2018


Consume local goods to cut down cedi depreciation – Avedzi

James Klutse Avedzi, Deputy Minority Leader James Klutse Avedzi, Deputy Minority Leader

Deputy Minority Leader, James Klutse Avedzi, is advocating increased consumption of locally manufactured products as one of the solutions to curtailing the depreciation of the Ghana cedi in relation to other international currencies especially the US dollar.

The economy appears to be nearing distress levels as the Ghanaian cedi hit a record low on Tuesday, due mainly to global pressures as investors continue to exit emerging market assets.

According to Reuters, the currency of the major commodity exporter has weakened since the beginning of May trading at 4.8250 cedis to the dollar. Cumulatively, the local unit depreciated by 5.3 percent in the first six months, compared to 3.3 percent in the first half of last year despite significant increments of weekly dollar sales to local banks in the country.

Speaking to Class news, Deputy Minority Leader and Member of Parliament (MP) for Ketu North constituency said: “Ghanaians should look at what we can do to our locally produced products, let’s try and consume them”.

He said government should focus on revamping and assisting local companies “so that we can produce quality goods”.

He said a change in attitude and increased patronage of local goods will prevent forcing companies to import goods which will in turn reduce the demand of the dollars to boost the Ghanaian cedi and the economy.