Cedi to further depreciate as no cent of US$2bn capital has been raised - Adongo warns

Isaac Adongo121212 Deputy Ranking Member on Parliament's Finance Committee, Isaac Adongo

Fri, 13 May 2022 Source: www.ghanaweb.com

Cedi struggles against US dollar in first three months of 2022

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Government must expedite action to avert cedi depreciation

Deputy Ranking Member on Parliament’s Finance Committee, Isaac Adongo, has cautioned of a further sustained depreciation of the Ghana Cedi.

He believes government’s promise to raise and inject a capital of US$2 billion meant to shore the Cedi and stabilise the economy, is yet to get results.

In a Facebook post sighted by GhanaWeb, the Bolgatanga Central lawmaker questioned government’s commitment to deliver on its promise to secure a capital of US$2 billion for the economy.

“Where is the US$2 billion they promised would come in between 2-6 weeks to shore up the cedi? This was announced by Ken Ofori-Atta on March 24, 2022 and repeated by President Nana Addo Dankwa Akufo-Addo Nana Addo in his state of the nation address a few days later,” he quizzed.

He continued that, “It's been almost 8 weeks and not a cent has arrived. The forex market is getting jittery with traders and businesses reverting to precautionary and speculative demand for dollars.”

He therefore called on government to as a matter of urgency expedite action to contain a further depreciation of the local currency which has since the beginning of this year struggled against major trading currencies.

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Source: www.ghanaweb.com
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