{"id":8630,"date":"2014-03-25T18:51:01","date_gmt":"2014-03-25T18:51:01","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=8630"},"modified":"2014-03-25T19:15:17","modified_gmt":"2014-03-25T19:15:17","slug":"focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/","title":{"rendered":"Focusing on de-dollarization to save cedi is useless &#8211; Bawumia"},"content":{"rendered":"<p><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/02\/Ghana-Cedis.jpg\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-2814\" alt=\"A woman holds 03 July 2007 in Accra a wa\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/02\/Ghana-Cedis.jpg\" width=\"610\" height=\"430\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/02\/Ghana-Cedis.jpg 610w, https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/02\/Ghana-Cedis-300x211.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><\/a><\/p>\n<p>Former Deputy Governor of the Bank of Ghana Dr Mahamadu Bawumia has downplayed the effect the ban on the quotation of goods and services in dollars will have on saving the cedi from further fall.<\/p>\n<p>As part of moves to save the cedi from further fall the Bank of Ghana in February this year introduced new and revised rules.<\/p>\n<p>Among them was the ban in quotation of goods and services in foreign currency including dollars.<\/p>\n<p>According to the central bank\u2019s notice \u201c\u2026with effect from February 5, 2014, the rules governing the operations of FEA and FCA have been revised\u2026 on the pricing, advertising receipts and payments for goods and services in foreign currency in Ghana. The Notice states that all transactions in the country are required to be conducted in Ghana cedis, which is the sole legal tender\u201d<\/p>\n<p>But Dr Bawumia says despite being a good law that should be enforced its implementation to save the cedi is an exercise in futility.<\/p>\n<p>\u2018Trying to solve the cedi\u2019s depreciation by focusing on de- dollarization really is attacking the effects of the problem and not its causes and its really an exercise in futility.<\/p>\n<p>He believes that price controls, import controls, interest rate controls don\u2019t generally work rather \u2018government must focus on pursuing policies that will stabilize the cedi and make the dollar irrelevant in a domestic transaction&#8230;&#8230;&#8230;.the dollar does not need to be present in Ghana for the cedi to depreciate against the dollar.\u2019<\/p>\n<p>He questioned why dollarization in previous years did not cause significant depreciation of the Cedi and says persistent depreciation of the cedi leads to dollarization.<\/p>\n<p>\u2018Why is dollarization suddenly rearing its head at at an unprecedented rate today. It only rears its head when economic fundamentals are weak and its not the cause of poor economic performance.<\/p>\n<p>&nbsp;<\/p>\n<p>By: Vivian Kai Mensah\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Deputy Governor of the Bank of Ghana Dr Mahamadu Bawumia has downplayed the effect the ban on the quotation of goods and services in dollars will have on saving the cedi from further fall. As part of moves to save the cedi from further fall the Bank of Ghana in February this year introduced [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":2814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[38,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Focusing on de-dollarization to save cedi is useless - Bawumia - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Focusing on de-dollarization to save cedi is useless - Bawumia - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"Former Deputy Governor of the Bank of Ghana Dr Mahamadu Bawumia has downplayed the effect the ban on the quotation of goods and services in dollars will have on saving the cedi from further fall. As part of moves to save the cedi from further fall the Bank of Ghana in February this year introduced [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/citi97.3\" \/>\n<meta property=\"article:published_time\" content=\"2014-03-25T18:51:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-03-25T19:15:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/02\/Ghana-Cedis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"610\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kojo Akoto Boateng\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@citi973\" \/>\n<meta name=\"twitter:site\" content=\"@citi973\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kojo Akoto Boateng\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/\",\"url\":\"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/\",\"name\":\"Focusing on de-dollarization to save cedi is useless - Bawumia - Citi 97.3 FM - Relevant Radio. Always\",\"isPartOf\":{\"@id\":\"https:\/\/citifmonline.com\/#website\"},\"datePublished\":\"2014-03-25T18:51:01+00:00\",\"dateModified\":\"2014-03-25T19:15:17+00:00\",\"author\":{\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\"},\"breadcrumb\":{\"@id\":\"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/citifmonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Focusing on de-dollarization to save cedi is useless &#8211; Bawumia\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/citifmonline.com\/#website\",\"url\":\"https:\/\/citifmonline.com\/\",\"name\":\"Citi 97.3 FM - Relevant Radio. Always\",\"description\":\"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/citifmonline.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\",\"name\":\"Kojo Akoto Boateng\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"caption\":\"Kojo Akoto Boateng\"},\"url\":\"https:\/\/citifmonline.com\/author\/kojo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Focusing on de-dollarization to save cedi is useless - Bawumia - Citi 97.3 FM - Relevant Radio. Always","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/","og_locale":"en_US","og_type":"article","og_title":"Focusing on de-dollarization to save cedi is useless - Bawumia - Citi 97.3 FM - Relevant Radio. Always","og_description":"Former Deputy Governor of the Bank of Ghana Dr Mahamadu Bawumia has downplayed the effect the ban on the quotation of goods and services in dollars will have on saving the cedi from further fall. As part of moves to save the cedi from further fall the Bank of Ghana in February this year introduced [&hellip;]","og_url":"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/","og_site_name":"Citi 97.3 FM - Relevant Radio. Always","article_publisher":"https:\/\/www.facebook.com\/citi97.3","article_published_time":"2014-03-25T18:51:01+00:00","article_modified_time":"2014-03-25T19:15:17+00:00","og_image":[{"width":610,"height":430,"url":"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/02\/Ghana-Cedis.jpg","type":"image\/jpeg"}],"author":"Kojo Akoto Boateng","twitter_card":"summary_large_image","twitter_creator":"@citi973","twitter_site":"@citi973","twitter_misc":{"Written by":"Kojo Akoto Boateng","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/","url":"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/","name":"Focusing on de-dollarization to save cedi is useless - Bawumia - Citi 97.3 FM - Relevant Radio. Always","isPartOf":{"@id":"https:\/\/citifmonline.com\/#website"},"datePublished":"2014-03-25T18:51:01+00:00","dateModified":"2014-03-25T19:15:17+00:00","author":{"@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1"},"breadcrumb":{"@id":"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/citifmonline.com\/2014\/03\/focusing-on-de-dollarization-to-save-cedi-is-useless-bawumia-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/citifmonline.com\/"},{"@type":"ListItem","position":2,"name":"Focusing on de-dollarization to save cedi is useless &#8211; Bawumia"}]},{"@type":"WebSite","@id":"https:\/\/citifmonline.com\/#website","url":"https:\/\/citifmonline.com\/","name":"Citi 97.3 FM - Relevant Radio. Always","description":"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/citifmonline.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1","name":"Kojo Akoto Boateng","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","caption":"Kojo Akoto Boateng"},"url":"https:\/\/citifmonline.com\/author\/kojo\/"}]}},"_links":{"self":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/8630"}],"collection":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/comments?post=8630"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/8630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media\/2814"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media?parent=8630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/categories?post=8630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/tags?post=8630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}