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Cedi depreciation is a ritual problem but Dr. Bawumia will fix it – Dr. Amoah

Deputy Minister for Finance, Dr Stephen Amoah, says the depreciation of Ghanaian cedi is a ritual problem caused by the import-driven economy.

Stephen Amoah

Speaking to the media on Wednesday, he 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.

“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.

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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.”

Relatedly, Dr. Mahamudu Bawumia has said that he will increase the salaries of workers if he wins the 2024 general elections.

Dr. Bawumia emphasised his commitment to reducing government spending to allow for salary increments for workers.

"I am very keen on reducing government expenditure so that the fiscal space will be created to increase the salaries of workers," he stated.

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The meeting with the TUC was aimed at gathering their views to help shape his manifesto. During the interaction, Dr. Bawumia also outlined his plans to support local industries and address high utility tariffs.

He noted the potential for Ghana to manufacture solar panels domestically instead of relying on imports, thus addressing the complaints of industry leaders and workers about high utility costs.

“When we talk about two thousand megawatts, we are talking about a whole lot of solar panels, so Ghana should not just import solar panels. The technology exists for us to manufacture solar panels in Ghana,” he said.

The Secretary-General of the TUC, Dr. Yaw Baah, expressed the union's willingness to collaborate with the next government on policies aimed at job creation.

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