According to world acclaimed economist Kwame Pianim, that will only affect the global competitiveness of Ghana’s industries.
“Please, do not pray for the Cedi to appreciate,” he urged.
“It will make our globally competitive industries not competitive.”
He made this observation at the 2nd Economic Dialogue Series organized by Media General on Thursday, March 28.
The latest edition was on theme: ‘The Ghana Cedi: Breaking the Cycle of Depreciation’.
In 2014 after the sharp decline of the Cedi, Presiding Bishop of the Action Chapel International Nicholas Duncan-Williams prayed for the Cedi to rise.
Mr Pianim argued that pragmatic measures should rather be put in place to ensure the general welfare of the economy.
“We need to move to restructuring the economy,” he insisted.
He pointed out that one key factor affecting the performance of the local currency since independence is “policy inconsistency” with its resultant “unintended consequence”.
“Let me assure you that there is no divine direction that the Cedi might continue on its historically consistent downward pattern with frequent uncomfortable and media headline-grabbing spites of depreciation.
“It is not like debts and taxes that are to be endured with resignation.
“It is the result of human activities and all human constructs come and should be managed for optimum benefits.”
He also blamed the panic caused by the media, saying that those with dollars, for instance, will continue to keep them when news of depreciation hits the headlines.
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