Ghana 'exporting air' is the cause of cedi depreciation, Ken Thompson gives a compelling analogy

Ken Thompson
  • The Cedi has gradually been depreciating against foreign currencies.
  • Most Ghanaians believe the Bank of Ghana must be blamed for this.
  • But a finance expert Ken Thompson said Ghanaians must not blame the Bank of Ghana.

The Chief Executive of Dalex Finance has said that the Bank of Ghana cannot be blamed for the depreciation of the cedi.

Ken Thompson told Accra-based Joy FM that the Central bank does not manufacture dollars and can only work with the resources available; giving an analogy that “the BoG can only make the soup with the meat they have.”

He said that about 75 percent of containers used to import products into Ghana go back empty.

“The cedi cannot stabilise when you continue exporting air,” the finance expert stated.

He said the public must blame the country’s Agric Minister, the Trade and Industries Minister and the Ghana Export Promotion Authority.

He charged the media to “haul them before you and ask them what they are doing to fill those containers [when they are leaving Ghana’s ports].”

He emphasised that the percentage of exports should be the Key Performance Indicator (KPI) of every government.

“…because it [exporting air] destroys the value of the cedi and it doesn’t make sense. It is a crime,” he lamented.

“You cannot have a stable currency if you import everything. The only way we can stop the problem is to export ourselves out of it,” he added.

Thompson said traders must not focus only on imports but also invest in exports as well.

“Look for something to export, even if it’s chewing stick,” he said.

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