My advice urging businesses to purchase dollars was honest, not speculative – Adongo replies Amin Adam

The Ranking Member of the Finance Committee in Parliament, Isaac Adongo has responded to criticisms made against him by the Minister of Finance, Dr. Amin Adam.

The finance minister accused the Bolgatanga Central lawmaker of being unpatriotic for inciting more speculation on the US Dollar, which he believes is impacting the current performance of the Cedi.

During a joint press briefing with the Bank of Ghana and IMF on July 1, 2024, the finance minister criticized Isaac Adongo for advising businesses to purchase more dollars if necessary.

He then called on Adongo to refrain from making such statements, which he considered unpatriotic.

Dr. Amin Adam stated that the government is working hard to provide stability in the exchange rate. Therefore, comments like those of Adongo will only undermine the progress the government is trying to achieve.

In response, Isaac Adongo challenged the idea that his advice constituted unpatriotic speculation, as described by Finance Minister Dr. Amin Adam.

“What did I say that is not true? You said that after what you have done we should look forward to the dollar the following week, that was last week. Where is the dollar now? If you watch that video, you would have noticed that I was admonishing the people to desist from speculative buying but if you need money or dollars to do your business, don’t rely on what the finance minister said to fool you to your own detriment" the Bolga Central lawmaker stated according to citinewsroom.

He continued “So, if you needed dollars to do your business, by all means, you should go ahead and buy them. How is that unpatriotic?"

“In any case are we not managing this economy to support businessmen as well? So, if I am asking the businessman to continue with his rational economic decision, how do you call that speculation…If the man needed a dollar to buy and it was GH¢15.50 and he didn’t buy it, today, it is GH¢15.70. Would the finance minister give him the additional monies that have been added to go and buy the dollar?” Adongo questioned.

MA

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