Cedi Woes: Bi-partisan c’ttee admission of gov’t failure – Minority

The government’s resolve to constitute a bi-partisan committee to find solutions to the depreciating cedi proves that the Akufo-Addo-led administration has failed, Minority spokesperson on finance, Cassiel Ato Forson, has said...


The government’s resolve to constitute a bi-partisan committee to find solutions to the depreciating cedi proves that the Akufo-Addo-led administration has failed, Minority spokesperson on finance, Cassiel Ato Forson, has said.

He accused the government of “mismanagement on the back of loose monetary policy or populist monetary policy”.

The MP’s comments follow a presentation by Finance Minister Ken Ofori-Atta to parliament on Thursday, 28 March 2019 in which he noted that President Akufo-Addo has authorised the formation of the bi-partisan committee.

Mr Forson was of the view that: “They [government] failed, struggling is a small word, they have failed and clearly the reality has dawned on them that it is not just propaganda, it is not just arresting the cedi and giving the keys to the IGP knowing that you have done nothing about it”.

He stated that the government “should have done something better and not to engage in propaganda”.

“Unfortunately, they presented a political statement, trying to be very political but in the end, they had bloodied nose because it doesn’t gel,” he stressed.

In his opinion, investors are exiting the Ghanaian market and that is why the cedi is depreciating “on the back of inconsistencies of fiscal policies”.

He said legislators from the Minority side are ready to offer assistance on the bi-partisan committee, “and anytime they call on us, we will stop whatever we are doing and help them … in the interest of the larger population of Ghana”.

The cedi hit an all-time low on 12 March 2019 when it recorded a rate of GHS5.86: $1.

After the sale of the $3bn Eurobond by the government, the local currency made some gains and recovered to GHS5.16: 1$ on 21 March 2019.

However, a check on the current rate shortly before the Finance Minister’s speech in parliament showed that the currency has fallen again to GHS5.41: $1.

Source: Ghana/ClassFMonline.com/91.3FM



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