What permanent solutions did you proffer to Cedi stability as BoG MPC member? – Financial Analyst asks Kwakye

A financial analyst, Dr Dawson has called on Dr John Kwakye, the Director of Research of the Institute of Economic Affairs (IEA) to openly declare the permanent solutions he recommended to the cedi stability when he was a member of the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) for about 10 years.

Dr Dawson also urged economists and financial analysts to be cautious of their statements as such statements tend to have a negative effect on the economy.

His comment comes on the heels of the criticism that Dr Kwakye made against the central bank over the Cedi’s performance against the Dollar. Dr Kwakye had called for a national emergency to be declared so that experts could be assembled on how to rescue the Cedi.

But Dr Dawson told journalists that “I know that Dr Kwakye is a  former member of the MPC for a long time. What solutions did he proffer to the cedi stability? I hear him comment every day on the BoG Inflation Targetting framework and monetary policy issues. What different options or framework has he recommended. I think he should rather be a good citizen by providing solutions and not just criticize. Talk is cheap.

“We have one economy. Whatever negative effects that are seen are experienced by all and not just the financial actors.” Dr Dawson said.

On the Ghana Gold Coin, the financial analyst commended the central bank for providing an investment option for the public. He believes that this will help ease pressure on the local currency as individuals who buy dollars and hoard them as a form of investment can now buy the gold coins instead. He urged the BoG not to be distracted and focus on its innovations.

“This is a novel idea and l think the BoG is doing this to ensure that the public have an investment option instead of buying dollars and hoarding them”. Dr Dawson said.

Dr Dawson indicated that the Bank is doing its best to ensure the cedi stabilizes with other currencies but urged members of the public to support the Bank to achieve its mandate.

He noted the significant improvements being made in the Ghanaian economy by the managers of the economy.