Solve cedi depreciation-Bawumia told

Private legal practitioner Kwame Jantuah has chastised Vice President Dr Mahamamudu Bawumia for constantly comparing the current performance of the cedi against the dollar under the National Democratic Congress (NDC) administration.

He did not understand why the Dr Bawumia had been using the John Mahama led administration as a yardstick for the Akufo-Addo government which has come under criticism for how it is managing the economy.

Mr. Jantuah wanted Dr. Bawumia and the government to channel its energy on finding solutions to the depreciating cedi.

The government has come under criticism over the depreciating cedi against the dollar, a situation that many have lamented is affecting businesses in the country.

Prior to the 2016 elections, Dr. Bawumia was very critical of the Mahama administration and their failure to ensure that the cedi performed better against the dollar.

The Vice President attributed the depreciating cedi at the time to what he described as ‘weak fundamentals’ which he said was as a result of the NDC’s incompetence.

It is on the back of this that many Ghanaians had hopes that as leader of the current government’s economic management team, Dr. Bawumia, will ensure that the cedi performs better than it did under the NDC administration.

Currently, the cedi stands above GHC4.9 per dollar as against GHC4.2 per dollar at the end of 2016.

Dr. Bawumia who had been silent on the matter for months, spoke last Friday on the matter and justified the current exchange rate as being the best since 2012.

But his assertion did not go down well with Mr. Jantuah who advised Dr. Bawumia and his team to move away from the comparisons and work at getting the cedi performs better against the dollar.

Chief Operations Officer of Dalex Finance, Joe Jackson who aslo added his voice underscored the need for governments to move away from politicising issues regarding the performance of the cedi.

“Let us stop playing politics with the value of the cedi, the value of the cedi is an economic tool, it is not a barometer of political success or opinions,” he said.

“Once we do that, we are taking away one of the most important tools in growing and developing the economy,” Mr. Jackson said.

He said Ghana’s inability to produce more and export more, was the major cause of the depreciating cedi.

“The fundamentals are that, you do not produce enough in this country for exports; containers come in full of foodstuff and when they are going back, they go with air,” he held.

“Anytime we import, it is job we are creating for someone somewhere,” he added.



Story: Today Correspondent



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