The government is to set up a bipartisan committee to investigate the depreciation of the Ghana cedi in recent times, Finance Minister Ken Ofori-Atta has said.
Mr Ofori-Atta, addressing Parliament Thursday, said “Mr Speaker, the President has directed that I investigate the structural causes for the depreciation of the cedi and to propose measures to address the situation. The Governor and I will put a bipartisan committee together to proceed immediately.”
He was in parliament to make a statement on Ghana’s exit of a three-year IMF bail-out programme, the Eurobond success as well as the depreciation of the Ghana cedi.
Mr Ofori-Atta said the recent depreciation of the Ghana cedi was not as a result of weak economic fundamentals, an argument supported by Professor of Economics at the University of Ghana, Eric Osei Assibey.
Trading 1 cedis for $4.9 on January 27, 2019, the dollar hit 5.6 to a cedi by March 17, 2019 triggering widespread panic by businesses.
The cedi has in the past few days rebounded strongly. A dollar now goes for 5.4 cedis.
The Finance minister attributed the recent depreciation of the Ghana cedi to speculation of the currency among others.
The President had earlier expressed worry at the depreciating cedi but assured that all efforts are being made to arrest the decline and restore it to stability, in order to improve the competitiveness of Ghanaian industry.
Speaking at the commissioning of the Fujian Sentuo Ceramics Company at Kpone in Accra, Wednesday, February 27, President Akufo-Addo said he feels “…extremely upset and anxious about it [depreciation of the cedi] too..”
However, Mr Ofori-Atta assured Ghanaians that the local currency would be stabilised soon, “with the type of capital that we are expecting to get in the next few weeks, we really expect a reversal and stability,” he said.
The Ghana cedi was trading at GH¢5.43 Thursday morning against the US dollar.
myjoyonline.com