Prof. Lord Mensah Warns: Cedi Could Reach GH₵10 Amidst 24-Hour Economy and Agricultural Policy Rollout

 

Profssor Lord Mensah

The University of Ghana Business School lecturer and prominent economist, Professor Lord Mensah, has offered a warning statement on the possible devaluation of Ghana's cedi. He goes on to argue that without the instantaneous and prompt policy measures, the cedi would have dropped to GH₵10 for every US dollar prior to the 24-hour economy and agricultural policies of the government taking their complete effect.

 

A Double-Edged Sword

 

Former President John Dramani Mahama's call for the adoption of a 24-hour economy is directed at increasing productivity and employment prospects via increased working hours in different areas of economic activity, such as agriculture, manufacturing, and the services sector. Despite that the move is intended for economic development, Professor Mensah discloses that it will only be a success if macroeconomic issues are addressed, for instance, stabilizing the nation's currency.

A Pillar for Economic Transformation

 
The agro-policies of the government, embedded in the 24-hour economy model, are to improve productivity by mechanizing, irrigating, and agro-processing. These will guarantee reduction in post-harvest loss and food insecurity. But all these benefits, Professor Mensah is cautioning, could be flushed down the drain if there is no concurrent work to stabilize the cedi and arrest inflation.
 

Strategic Implementation of Policy

The University of Ghana Business School lecturer and prominent economist, Professor Lord Mensah, has offered a warning statement on the possible devaluation of Ghana's cedi. He goes on to argue that without the instantaneous and prompt policy measures, the cedi would have dropped to GH₵10 for every US dollar prior to the 24-hour economy and agricultural policies of the government taking their complete effect.

A Double-Edged Sword

Former President John Dramani Mahama's call for the adoption of a 24-hour economy is directed at increasing productivity and employment prospects via increased working hours in different areas of economic activity, such as agriculture, manufacturing, and the services sector. Despite that the move is intended for economic development, Professor Mensah discloses that it will only be a success if macroeconomic issues are addressed, for instance, stabilizing the nation's currency.

A Pillar for Economic Transformation

 

The agro-policies of the government, embedded in the 24-hour economy model, are to improve productivity by mechanizing, irrigating, and agro-processing. These will guarantee reduction in post-harvest loss and food insecurity. But all these benefits, Professor Mensah is cautioning, could be flushed down the drain if there is no concurrent work to stabilize the cedi and arrest inflation.

 

Strategic Implementation of Policy

 

In order to avoid further depreciation, Professor Mensah calls for an integrated approach which involves:

Foreign Exchange Reserve Building: Developing the reserves of the country to back the cedi and create investor confidence.

Policies that will contain the fiscal deficit and inflation.

1. Private Sector Involvement:Promoting private sector investment to get economic activities and employment going. 
2. Infrastructure Development:Investment in the essential infrastructure needed to sustain the 24-hour economy and farming businesses.Professor Mensah's observations necessitate a balanced and organized economic policy to ensure that programmes such as the 24-hour economy and farm reforms achieve sustainable development without deepening financial adversity.As Ghana navigates through these complex economic circles, the use of well-orchestrated policies will go a long way in safeguarding the value of the cedi and instilling long-term economic security. 

In order to avoid further depreciation, Professor Mensah calls for an integrated approach which involves:

Foreign Exchange Reserve Building: Developing the reserves of the country to back the cedi and create investor confidence.

Policies that will contain the fiscal deficit and inflation.

1. Private Sector Involvement:Promoting private sector investment to get economic activities and employment going. 
2. Infrastructure Development:Investment in the essential infrastructure needed to sustain the 24-hour economy and farming businesses.Professor Mensah's observations necessitate a balanced and organized economic policy to ensure that programmes such as the 24-hour economy and farm reforms achieve sustainable development without deepening financial adversity.As Ghana navigates through these complex economic circles, the use of well-orchestrated policies will go a long way in safeguarding the value of the cedi and instilling long-term economic security.