Adopt pragmatic measures to address exchange rate hikes - Tax Expert

Financial Analyst and Tax Expert, Julius Gyimah has charged the government to go beyond the conventional approach to improving revenue and refining the Ghana cedi against the world’s major currencies.

In an interview on e.tv Ghana’s “Fact Sheet” with Samuel Eshun, the tax analyst shared that the government and the country’s financial handlers need to establish clear-cut strategies together with relevant stakeholders.

“Our international commodities that is expected to bring us foreign cash with gold, cocoa, oil and our major trade commodities, we’re not getting the correlational impact on the economy and all the time our cedi depreciates. Then this goes back to the basic indication that the fundamentals are weak. This has been the basic quote form the Vice President that when the fundamentals are weak then the exchange rate with expose you. So what clearly are the fundamentals that we supposed to tackle? That is what the GUTA President earlier suggested that the stakeholders must come to the table,” he noted.

According to him, the government need to navigate through the various economic sectors and churn out the relevant factors from such sectors which would in the long run create the needed jobs and expand the country’s economy.

“Is it going to be that traditional way of our economy where government comes in get the money they have spent and go or we are going to sit down look at the real sector and how we are going to create factors and jobs to expand the economy? When you’re doing some of these things then we are trying to solve the situation at hand,” he added.”

He further opined that the existing approaches from the government to tackle such menace with the automotive assembly plant among others are brilliant initiatives. However, they feed much from exports hence creating a loop of the exchange rates hassle.