Free-Fall Of Cedi Is An Indication Of Country’s Economic Growth – NDC NEC Member

In an attempt to stabilize the rapid fall of the cedi, Bank of Ghana has not only injected US$20 million dollars into certain areas of the economy but has also revised the rules governing the operations of Foreign Exchange and Foreign Currency Account in the country.

Prior to the rolling out of these measures, many attributed the country’s economic woes to the poor management of the economy by President Mahama and his team.

But to Solomon Nkansah, National Propaganda Secretary of the ruling National Democratic Congress (NDC), the depreciation of the cedi is because the economy has attained a lower middle-income status.

“…..the new Bank of Ghana rules on the Foreign Exchange and Foreign Currency Account and what is happening now with the cedi is an indication of growth and that is showing weaknesses in the economy as we grow,” he hinted.

He stressed on Hot FM that every growing economy which is doing well in the manufacturing sector will see some decline in its Gross Domestic Product (GDP) from the input of Agriculture and Ghana is no exception. He revealed that the growth in the economy is at the Commerce level as 60 per cent of the country’s internally generated revenue is from the Ports.

Solomon Nkansah slammed critics of government on the management of the economy describing them as clueless of the economic situation in the country. According to him, government was forced to come out with the revised rules in operating Foreign Exchange and Foreign Currency Account due to some saboteurs who have taken advantage of the free trading policy to swindle the country coming on the heels of the IMF’s commendation of Ghana’s economic gains.

“….we have reached a point in this country where people want supernormal and abnormal profits in trading and the depreciation of the cedi should not be blamed on the payment made to Woyome and in the GYEEDA and SADA contracts,” he pontificated.