The Managing Editor for Energy News Africa, Michael Creg Afful has encouraged the government to work on stabilizing the exchange rate between the cedi and dollar to sustain the economy of the country.
He said that the cedi has to be able to compete with the dollar so that the country’s economy can be strong.
This comes after rampant increases in fuel prices in the country, which always poses a problem to the citizens and a threat to the economy of the country.
Speaking in an interview with Abena Opokua Ahwenee on Dadi FM he stressed that the exchange rate of the cedi and dollar is a major factor contributing to the unstable state of the country’s economy and should be attended to with all seriousness.
“If the government is able to work on the exchange rates then we won’t be affected much when the fuel prices increase”, he said.
According to him, fuel prices were expected to increase to seven cedis eleven pesewas, but per the Oil marketing Companies intervention, it was not effective, however with the turn of events fuel prices is expected to increase by December.
“They were supposed to increase it but it didn’t take effect because they’ve realized how Ghana suffers from an increase in fuel prices, however with the look of things the prices might still increase by December”, he added.
Source: Mybrytfmonline/Gladys Amoah Konadu
