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04.05.2019 Feature Article

Change The Currency From Ghana Cedis To US Dollars Instead Of Paying Workers In Dollars, Nana Addo

Nana Addo
LISTEN MAY 4, 2019

Instead of paying workers in Dollars why don’t you change the currency from Ghana cedis to US Dollars. Won’t workers after receiving their salaries in Dollars change it into Ghana cedi? Won’t the worker still claim more money into his account when he or she changes the dollars into Ghana cedis? Maybe the legal tender for Ghana is now dollars. Congrats to all workers who are going to be paid in Dollars.

Starting the Ghana beyond aid with paying workers in dollars with the aim that the cedi will be stabilized boycotts the “Ghana beyond aid” agenda. Nana, workers will still have to change their salaries into the local currency. This is as a result of a fact that this country does not use dollars on her local market. Workers should not rejoice that they will be paid in hard currency, rather, they should weep for the creeping economy which will increase with pain due to this new policy. The economy wouldn’t be stabilized with workers being paid with hard currency. Reconsider your decision, Mr President.

The president on May Day said that the Ghanaian currency, the cedis is currently losing it’s stance against the dollars. This situation is causing financial loss to the state because Government has to pay more to workers. He added by saying that Government has decided to switch currency in paying workers starting from this month. He said this will help to prevent too much money from being paid in cedis. What about considering the rate of imports? Have you considered how much we export? If as a country, we consume without producing, what will be our state? Famine! In the same way importing without exporting will bring famine on the Ghana cedis. Though this is not the only way to stabilize the cedis, paying workers in dollars to stabilize it is a defeatist approach.

It is a defeatist approach on the part of the president to have made such a pronouncement. Instead of making the Ghana cedis look attractive, he wants to run from his problem and escape through the horns. Nana, paying workers in Dollars won’t solve the problem since workers will have to buy and sell in the local currency. Change the currency from Ghana cedis to US Dollars instead.

Notwithstanding, Government should come out to explain in plain language the discussions that were held before this decision was made. Government should again explain to the general public what this means. What were the various considerations made about paying workers in dollars? Did government note that she was at the gaining end when workers are paid in dollars or not? With the dollar ever rising, what will still be the state of the Ghana cedis? There might have been deliberations that went on before this decision was made. Details of such deliberations should be made known to the general public since it is for the good of our beloved country, Ghana. We will be happy to know your various considerations.

Your citizen; Emmanuel Graham Nyameke

Emmanuel Graham Nyameke
Emmanuel Graham Nyameke, © 2019

The author has 50 publications published on Modern Ghana. Column Page: EmmanuelGrahamNyameke

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