Ofosu Kwakye urges Bawumia to arrest cedi from the fast depreciation

Ofosu Kwakye urges Bawumia to arrest cedi from the fast depreciation

Former minister for Communications, Felix Ofosu Kwakye, has challenged Vice President Dr. Mahamudu Bawumia to ‘arrest’ the cedi from its fast-depreciating state.

The National Democratic Congress (NDC) member said it’s time for the vice president to prove his worth with regards to stabilising the local currency against the US dollar.

He took a swipe at Dr. Bawumia over his earlier claim that he had arrested the cedi and handed the keys to the IGP.

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According to him, the vice president only “bragged” about transforming Ghana’s economic fortunes.

“25th March 2019 will be exactly 5 years when Bawumia organised a lecture themed ‘Restoring the Ghana Cedi’ at the Central University to brag about Ghana’s economic management. This is the time to restore the Ghana Cedi,” Mr. Ofosu Kwakye said on Adom TV.

The local currency is now selling at over ¢5.00 to the United States (US) dollar as at the ending of January 2019.

The country’s economy has also come under scrutiny following complaints by a section of the public on the fast depreciation of the cedi.

Mr. Kwakye Ofosu said President Akufo-Addo and Dr. Bawumia must take blame for the cedi’s struggles against other foreign currencies.

 

My concern is the impact this is having on businesses. As we speak now, import duties aren’t a joke,” he said.

The interventions they’ve introduced such as the benchmark has led to the increase in calculation of the import duties. Business owners and importers are crying and to worsen the case, the cedi keeps falling.

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When you look at the Cedi today, it’s 5.2 against a dollar and almost 7 against a British pound. Bawumia is not delivering as expected of him as the head of the Economic Team.

He added: “It’s also not about pride as they [NPP] thought while in opposition. The country would be witnessing several lectures should this be happening under an NDC government. Distinguished speakers are in extinction in Ghana now because it’s the era of the NPP.”

Below are what some Ghanaians are saying about the current cedi depreciation:

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Source: Yen.com.gh

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