Deputy Finance Minister says Cedi faces challenges due to tourism in Maldives and other destinations

Deputy Minister of Finance, Dr. Stephen Amoah, has urged Ghanaians to explore local tourist sites instead of jetting off to international destinations like the Maldives, as the cedi suffers when converted to foreign currencies for such trips.

Speaking at the second CEO’s Breakfast Meeting in Accra, Dr. Amoah emphasized the need for Ghanaians to support local hospitality services and tourist attractions to keep money circulating within the country and aid in national development. He also called on business owners in the hospitality sector to expand their operations and attract more local patrons.

Furthermore, Dr. Amoah stressed the importance of Ghanaian businesses gaining a competitive edge to attract foreign direct investment (FDI) and boost the tourism sector. He highlighted the need for strategic efforts to attract more tourists within the sub-region and create competitiveness in the industry.

The Deputy Finance Minister also revealed the government’s plans to elevate the tourism sector to new heights if the New Patriotic Party wins the upcoming general elections.

Meanwhile, the cedi is currently trading at GHC14.85 against the dollar, with an inflation rate of 25.0%. Bloomberg has predicted further depreciation of the cedi, with expectations of it reaching GHC15 to a dollar by next week. Economist and finance professor Godfred Bokpin noted that while short-term stability may occur, the cedi is likely to continue depreciating in the long run due to macroeconomic challenges.