Speculation fueling Cedi's problems – Amin Adam

Dr. Mohammed Amin Adam, Minister of Finance, has cautioned those making predictions about the current difficulties the cedi is facing to stop.

This follows a statement made by Bolgatanga Central Member of Parliament Isaac Adongo, who urged businesses in need of dollars to buy some, despite the Minister's promise that the cedi would stabilize soon.

During a news conference organized by the Bank of Ghana and the IMF, Dr. Amin Adam criticized Isaac Adongo for his remarks but also assured that the government remains fully committed to ensuring exchange rate stability.

"The problem with the cedi can also largely be attributed to speculations. Therefore, while we have been making efforts to influence market sentiments positively, we also know that some people are inciting speculations.

We have had intelligence that people are deliberately inciting speculations. But it never became too real until we saw, only two or three days ago, my good friend and brother Hon. Adongo out there, urging people to buy dollars for their business.

This was after I indicated at the Town Hall Meeting in London that, with all the policies we're implementing, with the flows we're expecting from external sources, and with the completion of our debt restructuring with our bilateral official creditors as well as our Eurobond holders, we saw the cedi becoming stronger and stronger. Yet, my brother went out there to say people should ignore Amin Adam and go buy dollars for their business."

Describing such speculations as "unhealthy," he urged the minority to stop them and instead provide the government with constructive criticism.

"I think this is not healthy for our economy. I believe we should all work together, whether we're the government or the minority, because we are all stakeholders in this economy. So, we have a duty to our people to ensure that the economy is stronger for the benefit of all.

"My friends on the minority side, I want to appeal to you to stop inciting speculations and to work with us. Give us constructive criticisms and ideas so that we can complement the ideas that we're already pursuing."