The continuous devaluation of our local currency against the major foreign trading currencies after the West African Pound for British west Africa\u00a0 colonies, the Ghanaian Pound (1958-65) for post independent Ghana legal tender the new cedi that replaced the Ghanaian Pounds, which also give way for the Ghana cedi we have today which was issued in June 2007. After the cedi has been re-denominated to give value to it (Ghana Cedi) which started at 0.90. Gp – 1us$. But now at 1ghs -5.20 $.<\/p>\n\n\n\n
In all the four historical levels of our currency\nthe era from the new cedi to the present Ghana cedi have shown unimaginable\ndevaluation without any government demonstrated capacity to at least maintain\nthe rate where they pick it.<\/p>\n\n\n\n
There is evidence based prove that most colonies\nthat still hold on to their colonial master\u2019s currency have a better valued\ncurrency than their counterpart who opt for their local named currency. Like\nGhana, Nigeria e\u2019tal, with this trend of persistent depreciation of our\ncurrency and no hope of arresting it anytime soon, we therefore wish to propose\na reverse from the current Ghana cedi back to the post independent Ghana pound.<\/p>\n\n\n\n
Our cedi \nfrom July 1965 till today has in most cases rated among the\nweaker currencies and our National leaders are not showing any visible signs of giving value to our legal tender except quire and petty needless changes just to remove a past leader\u2019s face from the bank note, and changing\nfeatures and outlooks which does nothing \nto the problem of persistent and continues fall of our cedi an\nindication a stable cedi against the major trading partners will forever be a dream, it is in the face of\nthis worrying situation of concern that we wish to re-emphasized on our call\nfor a reverse of the current legal tender the Ghana cedi back to the Ghana\npound to gain value for our bank notes.<\/p>\n\n\n\n
Dollarization of the economy and government policy\non trade agreements that allows foreign businesses to repatriate 80% of profit\nto offshore account is disincentive to currency appreciation of the host bank\nnote. It is worrying to have hotels, boutiques, houses, lands, among others are\nall traded in pounds and dollars instead of the cedi. The Government has a\ngreater responsibility ensuring value and stability of our legal tender\/bank\nnotes, and where the cedi is proving untamed and since we are Africans and\nGhanaians in particular we wish to quote a Ghanaian proverb \u201cSankofa wonky ere)\nmeaning it is not an wrong to go back for an old practice or thing thank\ncan serve a purpose. <\/p>\n\n\n\n
Benin, Burkina Faso, Cote de voire, Guinea Bissau, Mali, Niger, Senegal and Togo still maintain their colonial powers denominations, whiles Namibia, Liberia, Zimbabwe uses the dollar with others using rupee, pounds and the rest, it won\u2019t be an error to go back for the colonial master\u2019s pound if it can guarantee a stronger and competitive\u00a0 currency.<\/p>\n\n\n\n
Whiles the Zambia\u2019s Kwacha (ZMW) have not experience\nmany changes in features and outlook as our new and Ghana cedi it has been one\nof the strongest currencies in Africa and won the strongest currency in Africa\nin 2013 a feat Ghana cedi has not attained. The 2007 redenomination that move\nfour digits made the Ghana cedi the highest denominated currency unit used in\nAfrica but were short lived for some few months and started falling till today.<\/p>\n\n\n\n
In line of the above we wish to once again\nreiterate our plea \u201creverse the Ghana cedi to Ghana pound.<\/p>\n\n\n\n
Signed<\/p>\n\n\n\n
Felix Djan Foh – Prez. PIRAN<\/p>\n","protected":false},"excerpt":{"rendered":"