Economist Kwame Pianim has rubbished the injection of dollars by the Central Bank to stabilize the Cedi.

According to him, such funds should rather be invested in projects geared towards increased production of local goods instead of importing.

Kwame Pianim was speaking at the Media General-organised Economic Dialogue Series on the theme ‘The Ghana Cedi, breaking the cycle of depreciation’.

The veteran economist is of the view that government should rather have long term measures to stabilize the Cedi rather than the short term approach such as injecting dollars.

The Central Bank recently announced the injection a minimum of $800 million into its reserves to stabilize the local currency.

This appears to have seen a marginal appreciation of the Cedi to the US Dollar.

“The Central Bank injecting some dollars into the economy to stabilise the Cedi is the most useless use of our hard-earned money.”

The Ghana Cedi has since the beginning of the year lost some 3.6 per cent of its value to the US dollar.

Industry players and private individuals expressed concern about the situation, hence calling on the relevant authorities to take measures to address the challenge.