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Bawumia will design long-term framework to halt cedi depreciation

The Deputy Minister for Finance, Dr Stephen Amoah, has intimated that the flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, will draft a long-term national framework that will fight and reverse the Cedi’s sharp depreciation against the US dollar if he is elected president.

The former Microfinance and Small Loans Centre (MASLOC) boss and MP for Nhyiaeso in a media interaction on Wednesday, May 28, said that the “Cedi depreciation is a ritual problem” that requires someone with an impressive financial background such as Dr. Bawumia to strengthen Ghana’s weak forex space.

Various trade unions and persons from the business community have been raising concerns lately with the unbridled fall of the Cedi against the US dollar, which they say is negatively affecting the cost of doing business, and have petitioned the government to find a lasting solution to the currency’s fall.

Dr. Amoah in an interview with Bernard Avle on the Citi Breakfast Show on Citi FM, urged Ghanaians to elect Dr. Bawumia as president come December 7 so that he can “design a long-term framework to deal with the Cedi [depreciation].”

He blamed the Cedi’s woes on excessive importation, adding that the government is currently finding solutions to stabilise it as a short-term approach.

“We are doing our best to stabilise the Cedi, which I said is a short-term approach, but we need a long-term approach to resolve the issue through a framework, and then I proposed that to achieve that, we will design a long-term approach when Dr Mahamudu Bawumia is elected president.”

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