Cedi Depreciation: Ignore NDC’s Downward Speculation – Gov’t


The government has urged the investor community and Ghanaians not to panic or pay attention to the downward speculation that the Minority National Democratic Congress (NDC) has made about the value of the Ghanaian cedi against the US dollar.

The Minority’s ranking member on the Finance Committee of Parliament, Ato Forson, had told the media at a press conference on Wednesday, March 20, 2019, in Accra that by the close of this year, the cedi would depreciate in value to the US dollars to the extent that $1 will be equivalent to GH¢6.3.

But Information Minister Kojo Oppong Nkrumah, addressing the press later on Wednesday, said that was “a deliberate attempt by the Minority to heighten speculation” and in the event that the market respond in a manner that will cause the depreciation, the Minority would say they predicted the fall.”

According to him, the Minority’s attempt to take political jabs at the cedi was a bit late, considering that it was coming at a time the cedi had started appreciating against the dollar.

He said the Economic Management team of the President Akufo-Addo administration, headed by Vice President Dr. Mahamudu Bawumia, has put in place key measures that have seen the cedi gaining value or appreciating against the US dollar.

Mr. Oppong Nkrumah asked the Minority to, in the interest of the nation, desist from speculating the cedi downward and rather support programmes aimed at helping the cedi to further appreciate.

He spoke about a number of short, medium and long-term measures that the Economic Management team is putting in place to ensure that the cedi is strengthened.

Source: Daily Guide