A flagbearer hopeful of the New Patriotic Party (NPP), Alan Kyeremanteng, has identified corruption as one of the causes of the depreciation of the cedi.
He counseled that unless corruption is seriously tackled, the Bank of Ghana’s revised regulations to halt the cedi’s depreciation will not work.
The Bank of Ghana has put in place temporary measures to deal with the dollarization of the economy and the free fall of the cedi.
Mr. Kyeremanteng is, however, of the opinion that government must first “deal substantively with the leakages in the system.”
The former Minister of Trade and Industry under the Kufuor administration disclosed a 12 point agenda he has developed which he believes could address the issue.
He told Citi News that the non-completion of government contracts is also a contributing factor since huge amounts of funds are pumped into such projects.
Such practices he said; “puts pressure on the foreign currency because there is money that is not backed by production which is out in the system.”