It is not a good thing to always have a strong currency – MP speaks about Ghana’s cedi

It is not a good thing to always have a strong currency – MP speaks about Ghana’s cedi

- The chairman of the finance committee of Parliament, Dr. Mark Assibey-Yeboah, has claimed a constantly strong currency is bad for Ghana

- According to him, a weak currency boosts the tourism drive of a country and it is therefore a good thing

- He explained that tourists earn a lot of money when they bring in dollars to exchange and that helps them spend a lot

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The Member of Parliament (MP) for New Juaben South, Dr. Mark Assibey-Yeboah, has argued that that a weak currency sometimes works well for a country.

According to him, a weak cedi is a bait to bring tourists into Ghana since a strong currency has a negative effect on the number of tourists that could visit Ghana.

Dr. Assibey-Yeboah, who is also the chairman of the finance committee in Parliament, explained that “the currency cannot get stronger and stronger forever – that’s why you have the central bank – at a certain point, the Bank of Ghana has to intervene so that the currency does not become so strong.”
It is not a good thing to always have a strong currency – MP speaks about Ghana’s cedi

Dr. Mark Assibey-Yeboah Source: Graphic.com.gh
Source: UGC

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To him, having a weak currency makes the country a fair place as people on vacation exchange a lot with countries with such currencies.

Per a classfmonline.com report, he cited an example to the effect that one needs a lot of cedis to get Pounds during a visit to the United Kingdom (UK).

Dr. Assibey-Yeboah went on to say that those who visited the country as part of the ‘Year of Return’ project chose Ghana because the currency is weak.

In that respect, they earn a lot of money when they bring in dollars to exchange and that helps them spend a lot.

He further noted that a currency that gains strength affects tourism and is, therefore, a bad thing.

READ ALSO: Ghana re-examines expensive power contracts to cut down on bills

In other news, Senegal has launched what has been described as the largest wind power plant in West Africa.

This, YEN.com.gh has learned, is in line with efforts to commit to renewable energy solutions. The zero-emissions power plant is designed to provide up to 15% of energy production provided by Senelec, the country’s national electricity company.

The plant, which has a capacity of 158 megawatts is located at Taiba Ndiaye, which is about 86km from Dakar, the nation’s capital.

Per a report by cnn.com, the power plant was reportedly built in 24 months and has been described as a new step in the energy market towards an emerging Senegal, by the president, Macky Sall.

The power plant was reportedly built by Lekela, a British renewable power company, which also operates wind farms in Egypt and South Africa.

Per a plan designed by the government, the power sector would be a key component of a plan to make the country an emerging economy by 2025.

READ ALSO: Bob Chapek to replace Bob Iger as CEO of Disney with immediate effect

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