Isaac Adongo, the Member of Parliament for Bolgatanga Central Constituency has dismissed Finance Minister Dr. Amin Adam’s prediction that the Ghanaian cedi will soon regain strength against the US dollar.
Speaking to journalists in Parliament, Adongo advised businesses requiring dollars to secure them without relying on the Minister's assurances.
His remarks came after Dr. Amin Adam asserted that Ghana’s economy would soon rebound following the completion of the country's debt restructuring.
However, the Ranking Member on Parliament’s Finance Committee expressed skepticism about a quick recovery from the cedi’s recent depreciation.
"Please, if you have to run your business and you need dollars, just go ahead and buy them. Don’t be listening to what Mohammed Amin says about watching the dollar the next day," onuaonline.com quoted him to have said.
"We needed the dollar several months ago when you got 1.2 billion, and it is rising. Do you get it? Don’t lose out when you need money to run your business."
He continued, "Of course, I discourage people from speculatively buying dollars when they don’t need it. But if you need it for your business, by all means, go ahead and do it. Don’t listen to him, because it will not happen," he added.
He highlighted that the funds secured from the International Monetary Fund (IMF) are intended to bolster the nation’s reserves for future debt repayment, as stipulated by IMF regulations.
"The IMF monies are not meant for liquidity in the market. The IMF program mandates that all funds, including those from the World Bank, be kept in our reserves," Adongo explained.
Adongo emphasized that none of the IMF-World Bank funds would be used to intervene in the market, as doing so would violate the IMF agreement.
AM/SARA
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