{"id":5741,"date":"2024-05-15T14:18:54","date_gmt":"2024-05-15T14:18:54","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=5741"},"modified":"2024-05-15T14:18:57","modified_gmt":"2024-05-15T14:18:57","slug":"cedi-woes-provide-incentives-for-production-not-levies-and-taxes-yankah-tells-govt","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=5741","title":{"rendered":"Cedi woes: Provide incentives for production, not levies and taxes \u2013 Yankah tells govt"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>In the wake of the poor performance of the Cedi against the Dollar, the government will have to prioritise the provision of incentives for businesses to produce more, not the introduction of taxes, Minister of State under the Rawlings administration, Kojo Yankah, has said.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mr Yankah indicated that taxing businesses amidst the dwindling fortunes of the local currency is only suffocating the business community.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ghana\u2019s&nbsp;cedi&nbsp;is in a record-breaking weakening cycle. The currency hasn\u2019t gained versus the dollar in the past 22 trading sessions, the longest streak, Bloomberg reported.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The currency hasn\u2019t gained versus the dollar in the past 22 trading sessions, the longest streak according to data compiled by Bloomberg going back to 1994. The cedi traded 0.3% weaker at 13.9310 by 1 p.m. in London. It\u2019s declined 14% this year, a slump beaten only by currencies that have been devalued, including the Egyptian pound and Nigerian naira.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ose-youtube ose-uid-308af8d9a50b0be8ac225a92088a9e63 ose-embedpress-responsive\" style=\"width:400px; height:400px; max-height:400px; max-width:100%; display:inline-block;\" data-embed-type=\"Youtube\"><iframe loading=\"lazy\" allowFullScreen=\"true\" width=\"400\" height=\"400\" src=\"https:\/\/www.youtube.com\/embed\/V7ge_QB1v7M?feature=oembed&color=red&rel=0&controls=1&start=&end=&fs=0&iv_load_policy=0&autoplay=0&mute=0&modestbranding=0&cc_load_policy=1&playsinline=1\" frameborder=\"0\" allow=\"accelerometer; encrypted-media;accelerometer;autoplay;clipboard-write;gyroscope;picture-in-picture clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen referrerpolicy=\"origin\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The slide has been fueled by a slump in cocoa earnings, with exports dropping by nearly a third to $508 million in the first two months of the year due to adverse weather, disease and fertilizer shortages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite a temporary surplus in 2023, Ghana\u2019s historical current account deficit is also resurfacing, signaling further challenges to the cedi, said Gergely Urmossy, emerging market strategist at Societe Generale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The cedi\u2019s forward curve calculation sees the currency breaching its record low of 14.6174 per dollar by the third quarter, ending the year at 15.98. FX forward pricing is calculated based on the spot rate and the interest rate differentials between the two currencies for the tenor of the forward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commenting on this the Founder of the Pan African Heritage Museum and the African University College of Communications (AUCC) said on his Facebook page that \u201cIn a situation like below, what should we hear from our leaders ? Incentives for Production and more Production ! Not more levies and taxes ! Suffocating the producer is certainly not the key.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the wake of the poor performance of the Cedi against the Dollar, the government will have to prioritise the provision of incentives for businesses to produce more, not the introduction of taxes, Minister of State under the Rawlings administration, Kojo Yankah, has said. Mr Yankah indicated that taxing businesses amidst the dwindling fortunes of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[9,41],"tags":[1994,1995,984],"class_list":["post-5741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-general-news","tag-finance-ministry-2","tag-kojo-yankah-2","tag-cedi"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5741"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5741\/revisions"}],"predecessor-version":[{"id":5743,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5741\/revisions\/5743"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/5742"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}