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Tuesday, June 25, 2024

Bawumia will use a long-term strategy to stabilise cedi when elected – Stephen Amoah

MP for Nhyiaeso, Stephen Amoah

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

His assurances underscore Dr. Bawumia’s commitment to stabilising Ghana’s currency through strategic financial planning.

Dr. Amoah, who previously headed the Microfinance and Small Loans Centre (MASLOC) and is currently the MP for Nhyiaeso, emphasised in a media interaction on Tuesday, May 28, that the Cedi’s depreciation is a persistent issue requiring a leader with a strong financial background.

He believes Dr. Bawumia’s expertise makes him well-suited to strengthen Ghana’s forex market and implement sustainable solutions.

Concerns over the Cedi’s decline have been mounting among trade unions and the business community, who argue that the currency’s depreciation is significantly increasing the cost of doing business.

hese stakeholders have petitioned the government to find a lasting solution to stabilize the currency and mitigate its impact on the economy.

In an interview with Citi FM, Dr. Amoah urged Ghanaians to support Dr. Bawumia’s presidential bid in the upcoming December 7 election.

He stressed that electing Dr. Bawumia would enable the implementation of a comprehensive long-term framework to effectively combat the Cedi’s depreciation and promote economic stability.

“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,” he stated.

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