Friday , March 29 2024

20% of oil contract money should be paid in Cedis- Kojo Poku

An energy expert, Kojo Poku is advising government to enact the law that ensures that 20% of every contract issued by oil companies is paid in Cedis.

According to the expert, the value of a currency like any traded goods or service depends on demand and supply.

If there is more demand for dollar in the currency market and it is not adequately mashed by the supply, other things remain in equal the cedi price or dollar will go up or the cedi will depreciate.

Conversely if the supply of dollar is higher than the demand, the cedi will appreciate.

Kojo Poku is confident if contract issued by the oil companies are paid in Cedis, the country’s currency will see some appreciation.

“What I have been arguing in that, the government should have a law which says that every contract given out by oil companies, 20% of the money should be paid up in Cedis,” he added.

Check Also

Legalize our operations or we’ll boycott 2024 elections – Okada Riders

The Okada Riders Association of Ghana has threatened to boycott the 2024 general elections if …