The Economic Freedom Fighters of Ghana (EFF-GH) following the release and press statement in a conference held in Accra on Friday,29th November,2019 by the governor of the Bank of Ghana Dr. Ernest Addison.
The EFF-GH through critical dialogue with the masses have concluded that we the EFF-GH and the people of Ghana doesn’t see the realistic and feasibility of the rationale behind the printing of new and high denomination as explained by the governor of BoG as the key to solving inflation and currency (cedi) depreciation.
We demand the clandestine explanations and the idea behind this misleading economic principle and implementation which is set to undermine the economy and the business activities of Ghanaians.
How can higher denomination beat inflation and depreciation? Probably exchange rate as to say; the dollar depreciating the cedi, but the question still stands how can high denomination control inflation and depreciation? The strength of the economy and the strength of exchange rate(cedi-dollar) will be intense if government manage our natural and human resources well.
There is No magic anywhere to sustain that, in addition, government will have to control inflation and depreciation through the huge number and the rising wages of his own appointees ,reducing import and checking the prices of import and declining productivity and focusing on industrialization ,these are the only and surest way we can control inflation and depreciation as a nation.
The improprieties surrounding inflation and depreciation must be tackled first before government can think of bringing in high denominations as pain killers to sustain the two major problems of the economy. The sustained increase in price levels is inflation, but cedi denomination and re-denomination captured in the statement of the governor of the BANK of GHANA as the rationale for reducing and controlling inflation and depreciation is laughable.
EFF-GH wants to make it straight to the government and governor of BoG that, the rationale behind the cedi depreciation, the dollar and the vast difference in exchange rate between the cedi and foreign currencies is NOT cedi redenomination and high cedi denomination, that alone will not reduce inflation and depreciation so we are directing government to the actual solution to inflation and depreciation as mentioned above and this include also government attitude and failure to control:
1.high taxes and
2.high raw material prices
The illustration and definition by the governor of the BoG that a new cedi denomination will shore up the currency is an illusion and a lie of the century.
The EFF-GH is calling on government to withdraw it intension of printing high denomination at the expense of the tax payer and the poor ordinary Ghanaian. Ghanaian does not need high notes to go about their daily transactions but we want our resources managed well and our industries running well.
We perceive this agenda as an attempt to rob the nation into the family and friend’s government coffers and we are asking for an immediate release of this move to put better strategies in sustaining a flexible and resilient economy that can robust employment and reduce the cost and standard of living for Ghanaians.
That is the government Ghanaians are looking forward to but not a government who keeps changing currencies and the country stagnant with flooding youth unemployment, corruption and economic hardship.
Issued by the Economic Freedom fighters of Ghana (EFF-GH)