'Over $12bn was spent to artificially prop up the cedi' – Sylvester Tetteh alleges

Sylvester Tetteh, a leading member of the New Patriotic Party (NPP) and former Member of Parliament (MP) for Bortianor-Ngleshie Amanfro, has alleged that the government has spent more than $12 billion in less than two years to artificially manage the strength of the Ghanaian cedi.

Tetteh made the claim while criticising the National Democratic Congress (NDC) administration's economic management, characterising the multi-billion-dollar expenditure as an expensive public relations exercise rather than a sustainable economic strategy.

According to the former lawmaker, the massive injection of foreign exchange was deployed specifically to shape public perception rather than address economic realities.

"More than $12 billion in less than two years has been used for propaganda to shore up the strength of the cedi," Tetteh alleged, as the cedi trades at GH¢11.55 to the dollar.

The NPP stalwart questioned the prudence of using such vast national resources to temporarily stabilise the local currency, arguing that the expenditure has failed to address the fundamental structural issues of the economy or provide sustainable relief for ordinary Ghanaians.

Tetteh was speaking to the media about what he described as the unlawful arrest of former Inter-Ministerial Coordinating Committee on Decentralisation (IMCCoD) Executive Secretary Dennis Edward Aboagye, popularly known as "Miracles", which he alleged was part of an elaborate intimidation tactic. He warned that the NDC should remember that "the elephant never forgets", referring to the NPP's symbol.

He said President John Mahama's administration was doing a "terrible job" and was using the periodic arrests to silence critics while simultaneously distracting the public.