Central Regional Secretary of the New Patriotic Party, Kwamena Duncan has rubbished the relevance of President John Mahama’s crunch cabinet meeting, which was held on Monday, to brainstorm over measures rolled out by the Bank of Ghana to halt the steep depreciation of Ghana’s currency, the cedi.
Kwamena Duncan, speaking on Peace FM’s Flagship programme ” Kokrokoo“, told host Kwami Sefa-Kayi that the cabinet meeting did not offer solutions to the downfall of the cedi.
Trivializing the meeting, Kwamena Duncan downplayed the rationale for the crunch meeting saying the Central Bank has a Board made up of twelve members who could take decisions to resolve the currency challenges.
Ghana’s currency, the cedi, this year has experienced a free fall, hence struggling to catch up with the sudden huge rise in the United States Dollar.
The cedi has declined by more than four percent against major international currencies since January 2014.
Presently, the dollar which used to sell on the local foreign exchange market for GHC 2.20 before last year’s yuletide, is now reportedly selling at GHC 2.60 while the Briton Pound, which sold at about GHC 3 is now selling at GHC 4.20.
Such exorbitant rise in the foreign currencies called for a crunch cabinet meeting on Monday.
Though the Bank of Ghana is working assiduously and has promised to strengthen existing foreign exchange laws to help halt the fast cedi depreciation, citing the objectives set up by the Central Bank to guide its operations, Kwamena Duncan believed the cabinet meeting was somehow a ‘waste’.
“The primary objective of the bank is to maintain stability in the general level of prices. Without prejudice to sub section 1, the bank shall support the general economic policy of the government and promote economic growth, and effective and efficient operation of banking…independent of instructions from government or any other authority” and so, wondered what the crunch meeting sought to achieve.
“Cabinet in a crunch meeting; crunch meeting for what?” he quizzed in a voice dripping with deep sarcasm.
Kwamena Duncan blamed President John Dramani Mahama for the failure of the cedi to experience a surge in value against the foreign currencies.
“Na who caused this crisis that you’re now seeking to pull wool over our eyes for? Na who cause am?…For me, the person who has visited these hardships on us is no other person than President Mahama,” he bawled.