Member of Parliament for Assin Central, Ken Agyapong, has lauded the efforts of government in the handling of the economy, in the wake of the cedi gaining grounds against some major world currencies.
Ken Agyapong also attributed the current state of affairs to the policies of government, which has contributed to stimulating the success of the cedi.
The Group Chairman of Kencity Media LTD, made these remarks in an interview with NET2 News on a wide range of issues.
Kennedy Agyapong said this phenomenon is a positive sign and very conducive for investors.
He said it was rare for the cedi to appreciate in value against other major currencies but the prudent management of the economy, plus policies and programmes of the New Patriotic Party govt has made it possible for such occurrence.
He used his recent experience to support the positive out turn of the cedi, when he disclosed that he had saved over $70,000 in a transaction he conducted with a Dubai based business entity.
He also said even though imports from China has reduced and contributed to the strength of the cedi, increased volumes of local exports had also accounted to the appreciation of the local currency.
He expressed his optimism that should Ghana substitute our rice imports with locally produced rice and reverse about 50% of rice imports, the cedi would appreciate further against major trading currencies.
The cedi has in recent times comes under focus for its current upsurge in value.
Financial media experts Bloomberg, has led the praise for Ghana’s currency, amid growing confidence in the macro-economic management of the economy.