Posted: Wednesday 13th August 2014 at 16:06 pm

Baako calls for Wampah resignation


Editor in chief of the Crusading Guide Newspaper has called for the resignation of the Governor of the Bank of Ghana for what he says is his poor handling of the recent depreciation of the country’s currency.

Malik Kweku Baako Jnr is even ready to lead a signature campaign for the resignation of the governor.

He said Dr Kofi Wampah has demonstrated crass incompetence in the handling of the currency and must bow out.

He was speaking on Peace FM’s morning show programme Kokrookoo, Wednesday.

The cedi has depreciated at least by 20 per cent this year and was deemed to be the worst performing currency in the world against countries like war torn Afghanistan and Iraq.

In February this year the Bank of Ghana introduced comprehensive measures aimed at stabilising the currency which at the time had depreciated by seven per cent.

Part of the measures was a directive for business men and women not to sell or buy more than US$10,000 or its equivalent per transaction.

The bank also directed exporters to collect and repatriate all the proceeds of their exports to their local banks within 60 days of shipment.

They were also not supposed to withdraw more than $10,000 worth of cash from the counter.

The measures were largely criticised as counter-productive. A former Deputy Governor of the Bank of Ghana, Dr Mahamud Bawumia predicted that the the measures will further worsen the situation.

Six months down the line,  the Governor issued a statement withdrawing all the measures it introduced in February. This was after the currency had fallen to a credit low.

Discussing the matter on Kokrokoo on Wednesday, the Central Region Secretary of the NPP Kwamena Duncan described the governor as incompetent and wanted him to step down.

Kweku Baako Jnr supported the idea and wondered what the Governor was still doing in office.

He said in some jurisdictions, the Governor would have resigned without being told to do so because he failed in properly managing the currency.

He read comments from Bawumia, the IMF and other credible financial institutions or individuals, all of whom or which pointed in one direction- the currency was  bound to depreciate with the ad-hoc measures in place.

He said if the Governor in spite of all these warning signals presided over the worst currency in the world, then he had no business to be in office.

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