Let’s wait for Bawumia to draft long-term framework to tackle cedi's fall – Dr. Amoah to Ghanaians

Deputy Minister of Finance, Dr. Stephen Amoah, has called on Ghanaians to support the flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, in the 2024 general elections.

He believes that Dr. Bawumia has the ability to address the depreciation of the cedi if elected president.

Dr. Amoah, who is also a Member of Parliament for Nhyiaeso, suggested that Dr. Bawumia's administration would create a long-term national framework to address the cedi's depreciation and bring stability to the local currency, which is currently experiencing one of its worst declines in decades.

In an interview with Accra-based Citi FM on Thursday, May 30, 2024, Dr. Amoah stated, "He [Dr. Bawumia] can develop a long-term framework to address the cedi's depreciation.

“We are doing our best to stabilise the Cedi, which I said is a short-term approach, but we need a long-term approach to resolve the issue through a framework, and then I proposed that to achieve that, we will design a long-term approach when Dr Mahamudu Bawumia is elected president,” Dr. Amoah added.

The deputy finance minister also attributed the cedi's depreciation to excessive importation and urged for patience as the government works towards resolving the currency's issues in the short term.

The cedi is currently the third-worst performing currency in the world this year, according to Bloomberg, and its instability has significantly impacted the cost of living and inflationary pressures in Ghana.

MA