ADVERTISEMENT

Depreciation of cedi due to bad management; not imports - NDC Minority

The National Democratic Congress (NDC) minority in Parliament has indicated that the recent depreciation of the cedi against the major currencies is due to bad management.

Cassiel Ato Forson

They maintained that it's not due to the Ghanaian economy's over-dependence on imports, as suggested by President Nana Addo Dankwa Akufo-Addo.

Speaking at a roundtable discussion on the economy, minority Spokesperson on Finance Cassiel Ato Forson said the government is to blame for the struggling cedi.

“The depreciation of the cedi has put the economy in disarray and the projections surrounding it as contained in the 2019 budget. This has therefore undermined the confidence in the economy and sends a wrong signal to the investor community".

ADVERTISEMENT

He also called on the Finance Minster to present a new budget to Parliament due to the depreciation of the cedi.

According to the NDC MPs, the 2019 budget presented a couple of months ago has been rendered useless by the depreciation of the Cedi and other challenges in the economy.

“This calls for urgent steps to be taken by the government to restore the economic health. The starting point is that we should be immediately presenting a new budget which considers all distortions and the serious problems occasioned by the fall of the value of the cedi", he said.

The NDC MP for Ejumako-Enyan-Esiam also added that: "At the minimum, we expect a statement to parliament assuring the nation and investor community of the steps taken by government to address the instability of the economy and that…the budget as presented by the Minister of Finance can no longer be relied upon as true blueprint upon which to manage the economy for the year.”

ADVERTISEMENT

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT