“It must be fake news! I don’t, can’t and won’t believe that a committee has been formed to investigate why the Cedi keeps falling. 128/1820 is a bona fide scam and sham!," the US-based private legal practitioner posted on Facebook.
On Friday January 17, 2020, the Ministry of Finance outdoored the FX Development Committee, to investigate the fall of the local currency.
The members of the committee are drawn from the Office of the Vice President, Bank of Ghana, Agriculture Ministry, Ghana Union of Traders Association (GUTA), Association of Ghana Industries, some universal banks among other key stakeholders. The committee is chaired by the Finance Minister, Ken Ofori-Atta.
Addressing the media upon the constitution of the committee, Deputy Finance Minister, Charles Adu-Boahen explained: "As has empirically been established, the seasonal fall of the cedi can be explained by external headwinds and cyclical domestic demand for forex by corporates and individuals for trade settlements in recent times, increasing demands by the energy sector actors as well. Giving the debilitating impact of the cedi's depreciation, the government had established a foreign exchange development committee to address this challenge”.
Meanwhile, the Member of Parliament for Ho Central, Mr Benjamin Kpodo, has declined invitation to serve on the FX Development Committee.
Mr Kpodo is a member of parliament's Finance Committee and also the deputy ranking member on parliament's Local Government and Rural Development Committee.