Ghanaian business economist and investment consultant, Kwame Pianim has described the Forex Development Committee to prevent the recurring depreciation of the cedi as “needless”.
According to him, the Committee must be scrapped. In his view, the committee members will only end up spending the taxpayers’ money on tea.
The committee headed by Finance Minister Ken Ofori-Atta is to review the current Forex (FX) regime, offer workable alternatives by way of policy interventions which potentially would reduce FX risks in the economy and save the cedi from a free fall.
Kwame Pianim speaking on the development in an interview on Accra-based Citi FM stated that he sees the committee “like a public relations stunt”.
“This committee they’ve set up should not be called a foreign exchange development committee. You want to make Ghana an export oriented-economy”, critiquing: “The focus is wrong,” he said.
“I cannot see them contributing to anything… Let’s dissolve it,” he added.
“A forty-member committee, are we serious?” the economist wondered.
“In the fourth year of this administration? We don’t need ideas, we’ve had ideas – aviation hub, we’ve had it; financial services during Kufuor’s time, we discussed it, Barclays was involved”, Pianim recalled.
“If I see this committee, it seems like a public relations stunt; we are not interested in a public relations stunt. These people [committee members] are too busy. This 40-member committee, look at them, they are busy people. They are managing banks, managing ministries; what time do they have? This committee, if it’s a public relations stunt, that’s fine; if it’s eye service, that’s fine; but I cannot see them contributing to anything.
“Dissolve it. We don’t need it. What is it for? They are going to meet; we spend the little money we don’t have making tea for them? What are they going to do? he asked.