Arrest the falling cedi now – Minority NDC Caucus tells Akufo-Addo

General News of Friday, 3 March 2017



Haruna IdrissuHaruna Iddrisu

The Minority National Democratic Congress (NDC) Caucus in Parliament has called on the Akufo-Addo-Bawumia led government to as a matter of urgency put in the necessary measures to arrest the continuous fall of the Ghanaian Cedi against major trading currencies on the world market.

“The exchange rate of the Ghana Cedi remained relatively stable. Overall, the Ghana Cedi depreciated by 9.6% against the US dollar and 5.3% against the Euro. It in fact, appreciated by 10.0% against the Pound Sterling in the interbank market in 2016.”

“ This relatively strong performance has virtually been eroded as the Ghana Cedi has lost about 6% of its value against major trading currencies once Akufo-Addo-Bawumia government took office just over a month ago”, Minority Leader, Haruna Iddrisu told journalists at press conference on Friday, Mar h 3, 2017.

The comments by the Minority Leader was in response to the 2017 budget which which was presented to Parliament on Thursday, March 2, 2017.

Hon. Iddrisu commenting further said the fall of the Ghana Cedi is the most pressing concern for many small scale and large scale businesses and the earlier steps are taken to address it the better.

“The Finance Minister filed to outline clear policies to address this important issue affecting the Ghanaian economy today i.e. the uncontrollable fall of the Ghana Cedi which is now considered the worst a performing currency in the world.

This is especially regrettable in view of the stability the Ghana Cedi enjoyed in the 2016 fiscal year under the NDC’s agenda for transformation. Again this is regrettable because this budget stifles exports and stimulates imports”, noted the Minority Leader