Former NPP General Secretary, Kwabena Agyepong has lambasted the Governor of the Bank of Ghana over the cedi depreciation.
Contributing to Peace FM's "Kokrokoo" show, Mr. Agyepong bemoaned the poor performance of Ghana's currency against the foreign currencies, particularly the US dollar.
He blamed the Bank of Ghana for the exceeding pressure on the cedi saying "the supervision division of the Bank of Ghana have let Ghana down right from Mahama's time with the banking crises".
On the issue of dollarization of commodities in the country, he said; "If we give something in dollar, it is wrong whether it is coming from government or somewhere else. You can peg it to the dollar but give a cedi equivalent at a particular time. So, it is important that, as a country, we should have confidence in our currency."
He added; "Our whole regulatory system of the forex regime is weak...I mean there is breakdown."
Mr. Agyepong called for discipline in the sector to resolve the problem, exclaiming "there should be enforcement first, discipline".
"I feel it's gotten to a point we've got to call a spade a spade. [1] We have to tell Ghanaians that the economy has become hard, we have to live within our means. If we have to live within our means, the government, we have to start."
He was however hopeful that his candidate, Dr. Mahamudu Bawumia, will instil discipline leading to stabilization of the cedi.
"I am very confident that he will restore some level of discipline in the forex management in this country."
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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