An economist, Professor Peter Quartey, has urged the Bank of Ghana to enforce the directive on the use of dollars to help reduce pressure on the cedi.

His comment comes after the Bank of Ghana announced an increase in lending rate to 28 percent.

Analysing the implication of the action on the Ghana cedi and trading, Professor Quartey said compelling traders to comply with laws on foreign exchange and dollarization would help stabilize the cedi.

Professor Peter Quartey believes this is a sure way to help sanitize the system.

“You will find that there are a lot of black market activities going on. There is a lot of informal trading of the currency and also the pricing of goods in the dollar, over-dependence of the dollar, there are laws governing foreign exchange and if we should enforce them, I believe that will help in stabilizing the cedi.”

Meanwhile, the Director of Strategy and Business Operations at Dalex Finance, Joe Jackson has expressed worry at the strength of the country’s coffers should government attempt to pay its public debt.

Data released by the Bank of Ghana reveals that at the end of November 2022, Ghana’s total public debt stock stands at GH¢575.7 billion. The new debt figure brings the country’s Gross Domestic Product ratio to 93.5% from 75.9%.

Speaking on Eyewitness News, Mr Jackson said clearing just the interest on the loan could take up to 75% of the country’s tax revenue.