Former MP describes FX Development Committee as “needless”

A former Member of Parliament for the La Dadekotopon Constituency, Nii Amasah Namoale
Former Member of Parliament for the La Dadekotopon Constituency, Nii Amasah Namoale

Former legislator for La-Dade Kotopon Constituency, Nii Amasah Namoale, has described as ”useless and needless”, an FX Development Committee set up by the government to investigate the fall of the local currency.

Mr Namoale says the institution of the Committee is a waste of time since they wouldn’t proffer any better solution to the cedi-dollar rate than to spew ‘A-Level Economics’ to Ghanaians.

He was speaking on Adom FM’s current affairs show, Burning Issues on Monday, January 20, 2020.

The FX Development Committee set up by government, among other responsibilities, is to complement the efforts of the Bank of Ghana in curbing the poor performance of the cedi against other foreign currencies.

According to a Deputy Finance Minister, Charles Adu Boahen, the Committee will also look at the automation and digitisation as a critical enabler of FX reforms and would not take the central bank’s role as managers of the cedi.

The Committee is made up of technocrats from some selected ministries, Ghana Union of Traders Association (GUTA), Association of Ghana Industries, some banks and is headed by Finance Minister, Ken Ofori-Atta.

Speaking on the same show, Greater Accra Chair of GUTA, Kwadwo Amoateng, said the best way to save the cedi is to ensure all foreign traders abide by the laws of the land. This, he said, will stabilise the currency rather than set up a committee which would not yield any profitable result to address the depreciation of the cedi.

Meanwhile, a 3rd Vice Chair of the New Patriotic Party, Michael Omari-Wadie, insisted on Burning Issues that the Committee, will surely adopt measures to curtail the free fall of the cedi to other major international currencies, especially the United States dollar.

Source: Felix Anim-Appau|Adom News|[email protected]

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