Deputy Minister for Finance, Dr. Stephen Amoah, has announced that Dr. Mahamudu Bawumia, the New Patriotic Party (NPP) flagbearer, will develop a long-term national framework to combat and reverse the sharp depreciation of the Cedi against the US dollar if elected president.
Speaking during a media interaction on Wednesday, May 28, Dr. Amoah, the former head of the Microfinance and Small Loans Centre (MASLOC) and current MP for Nhyiaeso, described the Cedi’s depreciation as a “ritual problem.”
He emphasized that addressing this issue requires a leader with a strong financial background, such as Dr. Bawumia, to strengthen Ghana’s foreign exchange market.
Concerns about the rapid decline of the Cedi have been raised by various trade unions and members of the business community, who argue that it is significantly increasing the cost of doing business. They have petitioned the government to implement a lasting solution to the currency’s depreciation.
In an interview, Dr. Amoah urged Ghanaians to elect Dr. Bawumia in the upcoming presidential election on December 7.
He stated that Dr. Bawumia would “design a long-term framework to deal with the Cedi depreciation.”
Dr. Amoah attributed the Cedi’s challenges to excessive importation and noted that the government is currently implementing short-term measures to stabilize the currency.
“We are doing our best to stabilize the Cedi, which is a short-term approach, but we need a long-term strategy to resolve the issue. I believe that with Dr. Mahamudu Bawumia as president, we can design and implement this long-term framework,” he said.
