An Economics Lecturer at Yale University, Vikram Mansharamani, says the rate at which Ghana\u2019s local currency, Cedi, has devalued since the country\u2019s independence should inform authorities to scrap its usage as legal tender.<\/p>\n
Dr Mansharamani noted that the Cedi has depreciated 99.99 per cent since Ghana\u2019s independence in 1957 and that is the cause of the country\u2019s economic woes.<\/p>\n
He made these suggestions in an interview with TV3\u2019s Kweku Temeng on Friday, August 15.<\/p>\n
He said a country like Hong Kong is doing well currently because it abandoned its local currency for the US Dollar, suggesting that Ghana can adopt the US Dollar as its currency.<\/p>\n
The Cedi was introduced as legal tender under the presidency of Osagyefo Dr Kwame Nkrumah in 1965 and has been under the regulation of the Bank of Ghana.<\/p>\n
\u201cThe Ghana Cedis has emotional attachment,\u201d Dr Mansharamani admitted but stated that if the regulators of the currency have not the capabilities, they should outsource it.<\/p>\n
He cited the performance of the CFA by Francophone West African countries as evidence that Ghana can adopt another country\u2019s currency to run its economy.<\/p>\n
<\/p>\n
Source: TV3Network<\/p>\n","protected":false},"excerpt":{"rendered":"
An Economics Lecturer at Yale University, Vikram Mansharamani, says the rate at which Ghana\u2019s local currency, Cedi, has devalued since the country\u2019s independence should inform authorities to scrap its usage as legal tender. Dr Mansharamani noted that the Cedi has depreciated 99.99 per cent since Ghana\u2019s independence in 1957 and that is the cause of […]<\/p>\n","protected":false},"author":14,"featured_media":2814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[43,4],"yoast_head":"\n