Business News Fri, 5 Aug 2022

Cedi depreciation: Government had access to more dollars but failed woefully – Sammy Gyamfi

The National Communications Officer of the opposition National Democratic Congress, Sammy Gyamfi has stated that the current government has had access to more resources to be able to perform better than they have in the last six years.

According to him, Ghana’s currency is currently the worst performing currency on the continent as it has witnessed a depreciation of about 17 percent in the last six months.

Sammy Gyamfi, based on this precedence is of the view that the cedi 'cannot be arrested' by mere propaganda from the government.

He makes the comments in reference to the Vice President’s statement that said we “have arrested the depreciating cedi, brought down inflation, we have brought down the interest rate.”

Speaking at a press conference on Wednesday, Sammy Gyamfi said, “this government has had access to more forex or dollars than any government in Ghana’s history, yet has failed woefully to maintain a stable currency due to their wastefulness and mismanagement of the economy.”

According to him, government has failed to tame the cedi due to recklessness and mismanagement of the economy.

“This recklessness reached its crescendo in the year 2020 when under the guise of fighting COVID-19, government went on an election-driven spending spree leading to an unprecedented budget deficit of 15.7%.

The confessions of one Felicia Tetteh, the NPP’s 2020 Parliamentary Candidate for the Sagnarigu Constituency and Vice Chairperson of the Northern Region captured on tape lends ample proof to how COVID-19 funds were doled out to NPP party functionaries and apparatchiks in the name of Covid-19 relief. It is this recklessness that has plunged the country into the bottomless pit we presently find ourselves,” he added.

He also lamented the performance of the country’s Economic Management Team which is led by the Vice President, Dr Mahamudu Bawumia.

“As a matter of fact, Ghana has been ranked number two on Bloomberg’s latest Sovereign Debt Vulnerability Ranking published a few days ago. Of all the countries in the world, Ghana has been ranked as the 2nd country with the highest risk of debt default.

"We only performed better than El Salvador, a country with a population of 6.8 million who have had to deal with a recent slump after adopting Bitcoin as its official currency. What an unenviable feat chalked by the Bawumia-led Economic Management Team. Indeed, NPP has the men- 'what a solid team!", he teased.

Source: www.ghanaweb.com
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