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Arrest cedi depreciation - NDC MPs to Nana Addo
The dollar last week hit four cedis at forex bureaus across the country after rallying between 4 cedis 20 pesewas and 4 cedi 60 pesewas for some weeks now.
___6313805___https:______static.pulse.com.gh___webservice___escenic___binary___6313805___2017___3___3___17___Haruna-Iddrisu
According to the Minority National Democratic Congress (NDC) Caucus in Parliament, the rapid depreciation of the cedi, are discouraging businesses to work again in the country.
This decline, the opposition NDC has argued it’s as a result of the bad management of the economy by the month and half old Nana Akufo-Addo and Mahamudu Bawumia administration.
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A lot of reasons has been assigned to the cedi’s poor performance this year but prominent among them is government’s high debt levels and the significant drop in the country’s foreign currency reserves
Minority Leader Haruna Iddrisu addressing the press in response to the 2017 budget said "The exchange rate of the Ghana Cedi remained relatively stable. Overall, the Ghana Cedi depreciated by 9.6% against the US dollar and 5.3% against the Euro. It in fact, appreciated by 10.0% against the Pound Sterling in the interbank market in 2016."
"This relatively strong performance has virtually been eroded as the Ghana Cedi has lost about 6% of its value against major trading currencies once Akufo-Addo-Bawumia government took office just over a month ago.
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"The Finance Minister filed to outline clear policies to address this important issue affecting the Ghanaian economy today i.e. the uncontrollable fall of the Ghana Cedi which is now considered the worst a performing currency in the world. This is especially regrettable in view of the stability the Ghana Cedi enjoyed in the 2016 fiscal year under the NDC’s agenda for transformation. Again this is regrettable because this budget stifles exports and stimulates imports,"Haruna Iddrisu said.
Economic challenges
Ghana for close to six years now, has been wobbling in a number economic challenges which have seen a decline in its economic growth, a plunge in Government’s revenue, rising unemployment, and increasing agitation among business operators over high taxes, a depreciating currency and weak economic fundamentals.
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