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My cedi depreciation comment was taken out of context – Dr. Stephen Amoah

Dr Stephen Amoah, a Deputy Minister for Finance has clarified that his recent statement on the cedi depreciation has been taken out of context.

Member of Parliament for Nhyiaeso, Dr Stephen Amoah

Dr Amoah lamented what he termed a deliberate attempt by some persons in the media space, whom he said are famously known for quoting interviewees out of context.

In an interview with Bernard Avle on Citi FM, the Nhyiaeso MP said “We have a country where anybody says anything and they [some media persons] take a part and do stories and create a whole thing out of it and a time will come when it will be difficult to freely grant interviews.”

In response to a question on how best to tackle the Cedi’s depreciation from a reporter on Wednesday, May 29, Dr. Amoah said, “Cedi depreciation is a ritual problem, I agree with you. It is not because of one particular government. It is an issue that is nationalistic or that needs nationalistic attention.”

He added that “so far as we keep on being an importer-driven economy, we will be having problems with the Cedi because we import almost everything. But Inshallah, Dr. Mahamudu Bawumia, next year, if he comes, we are going to design a long-term framework to deal with the Cedi [depreciation].”

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Dr. Amoah sought to clarify his Wednesday comment, saying he was proposing how and who can best attack the Cedi’s free fall against the major trading currencies.

“I went to monitor the voter registration exercise and they [media] asked me about the dollar and the Cedi’s depreciation and all that I said was that from now till December, we are doing our best to stabilise the Cedi, which I said is a short-term approach, but we need a long-term approach to resolve the issue through a framework, and then I proposed that to achieve that, we will design a long-term approach when Dr Mahamudu Bawumia is elected president.”

He has earlier highlighted that with importation putting demand on the dollar, cedi depreciation is a problem requiring national attention, beyond the scope of any single government.

He assured that Vice President Dr Mahamudu Bawumia if elected, will develop a long-term framework to address the cedi's depreciation.

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“Cedi depreciation is a ritual problem, I agree with you. It's not because of one particular government…It's an issue that has nationalistic or that needs nationalistic attention,” Dr Amoah said.

The Deputy Finance Minister added “so far as we keep on being an importer-driven economy, we'll be having problems with the cedi because we import almost everything. But Inshallah, Alhaji Dr. Mahamudu Bawumia, next year if he comes, we're going to design a long-term framework to deal with the cedi.”

Dr Amoah lamented what he termed a deliberate attempt by some persons in the media space, whom he said are famously known for quoting interviewees out of context.

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