The Managing Director of Stanbic Bank Ghana Alhassan Andani, has appealed to government to correct structures within the economy to help stabilize the cedi.
[contextly_sidebar id=”nQYqX0HbQajuppZN6ddSBMxHR3vTHwYK”]According to the MD of stanbic Bank Alhassan Andani one way to arrest the fast depreciating cedi permanently is to increase the country’s exports and not depend on the stop gap measures like IMF and EU funding.
The cedi has depreciated above 30% since the beginning of this year after declining by 32% cumulatively last year.
The cedi’s poor performance has pushed some industry players and business unions to call for the central bank’s boss and the minister of finance to resign.
Speaking to Citi Business News Managing Director of Stanbic Bank Ghana Alhassan Andani said the release of some 20 million dollars by the central bank into the economy and funding from IMF and EU will not help stabilize the cedi.
“I guess everybody is worried about the cedi’s depreciation and every household keeper who has gone into the market to buy anything knows that prices have changed and so are very worried and is a structural thing that is affecting the economy as our imports exceed the export by far. As we don’t print the US dollar or any other currency we have to trade goods and services out of Ghana to receive these hard curriences. What we hear that IMF and others will give us money, that is not how to stabilize the cedi as these are all temporary.”
Managing Director of Stanbic Bank Ghana Alhassan Andani spoke to Citi Business News when Stanic Bank donated 100,000 and 52,000 cedis to the Plastic and Reconstructive Surgery and Burns Centre and the Cardiothoracic Centre of the Korle-Bu Teaching Hospital to support the victims of the June 3 fire and floods.
Staff of stanbic banking contributed 50,000 cedis out of the total amount donated.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana