Only a clueless government needs global misfortune to save its currency – Adongo

The Member of Parliament for Bolga Central, Isaac Adongo has said that the Bank of Ghana (BoG) is only profiting from the invasion of the coronavirus disease in China to strengthen the cedi against the major trading currencies.

He said this smack of a government that is clueless in managing its currency with prudent policies but only takes advantage of misfortunes in other countries to do so.

A BoG latest Summary of Economic and Financial Data report for the month of January has indicated that the cedi has gained marginal improvement against the major trading currencies.

It added that the cedi in the first month of the year has so far appreciated 0.3 percent against the dollar, made a 1.9 percent gain on the British pound while recording a 2.3 percent appreciation against the Euro.

But in a tweet, Mr Adongo said: “I hear BOG is celebrating a cedi profiting from a drop in demand for dollars for imports from China as a result of the outbreak of the Coronavirus in China.

“Only a clueless Government needs global misfortune to save its currency. You haven't learnt from Bawumia's infamous arrest.”