[ad_1]
Stephen Amoah, deputy finance minister, said the pressure on the local currency could be attributed to the conversion of the cedi into major trading currencies, especially the US dollar, for travel abroad.
He said if Ghanaians patronize the various hospitality services and tourist attractions established locally, all the money will remain here for the development of the country.
Dr. Amoah, who spoke at the second CEO Breakfast in Accra on Thursday, May 16, 2024, also urged owners of these hospitality businesses and tourist attractions to expand their operations and attract locals to patronize their services.
On the international front, he said businesses need to have a competitive advantage over other countries to attract some foreign direct investment.
“I think the strategic players and participants in Ghana’s tourism industry should do their best to attract more tourists from the sub-region…We also need to create the necessary competitiveness…”, he said.
Dr. Stephen Amoah added: “We need to develop home-grown policy instruments that specifically cater to our needs… We don’t have to go to the Maldives every day… Let’s go home. There are monkeys there… We always talk about the cedi; if you exchange dollars and go there (outside Ghana), why doesn’t the cedi go down? But if we stay here and dollar holders come here, there will be demand for our currency.”
He disclosed that if the ruling New Patriotic Party wins the December 7, 2024 general election, the government is looking forward to taking the tourism industry to the next level.
Meanwhile, the cedi is currently selling at 15 Ghana cedis at various foreign exchange bureaus, with inflation at 25.0%.
Bloomberg predicts that the cedi’s value will depreciate further by the end of this year.
SA/MA
source: www.ghanaweb.com
[ad_2]
Source link
