Magnitude thievery will make the cedi fall again - Sir John

Finance Minister, Seth Terkper has assured the economy will begin to show positive signs of recovery by the end of the year, but former General Secretary of the opposition New Patriotic Party (NPP) believes it is a mission impossible due to the gravity of stealing and economic indiscipline in President Mahama’s government.

Since the injection of the $1 billion Eurobond and the $1.7 billion Cocoa Syndicated Loan into the economy, there has been an indication from the Bank of Ghana that the Cedi has started appreciating against major trading currencies, particularly the dollar.

The Cedi from the beginning of the year depreciated against major trading currencies by about 40% which adversely affected cost of living and trading activities in the country.

But speaking to Peacefmonline.com , Lawyer Kwadwo Owusu Afriyie said the rising Cedi has nothing to do with the performance of President Mahama’s economic team.

He added that the rising Cedi is short term as there is no economic policy of Mahama government to sustain the rising Cedi.

He maintained that the appreciation of the Cedi is not due to any economic prowess of the ruling NDC government but rather due to the injection of the loans from the Eurobond and Cocoa Syndicated Loan, fearing that the level of economic indiscipline to stay away from corruption and stealing will dwindle the rising Cedi again.

“..the problem with the loans this government has gone for is that the payment of the loans will be difficult due to the magnitude of indiscipline to stay away from corruption and stealing...the indiscipline has started, taking into account the whooping amounts wasted on rents for the CHRAJ boss and the deputy Governor of Bank of Ghana; all these and more indiscipline incidents in the past of Mahama-led administration show that by the end of December, 2014, the Cedi will depreciate again,” he admonished.