This is the time to arrest the cedi – Kwakye Ofosu tells Bawumia


A former Deputy Minister of Information, Felix Kwakye Ofosu is challenging Vice President Dr. Mahamudu Bawumia to apply his knowledge as a “competent” economist to restore the value of the falling Ghana Cedis.

He said, as the head of government’s Economic Team, it is high time the Vice President finds lasting means to stabilize the country’s currency and “re-arrest” it as he claimed his government did just after 100 days of assuming office in 2017.

“25th March 2019 will be exactly 5-years when Bawumia organised a lecture themed ‘Restoring the Ghana Cedi’ at the Central University to brag about Ghana’s economic management. This is the time to restore the Ghana Cedi,” Kwakye Ofosu said on Adom TV’s Badwam show.

He added, “When you look at the Cedi today, it’s 5.2 against a dollar and almost 7 against a British pound. Bawumia is not delivering as expected of him as the head of the Economic Team.”

Kwakye Ofosu expressed concern about how businesses are struggling as result of the depreciating cedi, adding that spare parts dealers at Abossey Okai are in fear over an imminent increase in cost of imported spare parts due to exchange rate.

“Bawumia and his boss Akufo-Addo should be blamed. My concern is the impact this is having on businesses. As we speak now import duties aren’t a joke. The interventions they’ve introduced such as the benchmark has led to the increase in calculation of the import duties. Business owners and importers are crying and to worsen the case, the cedi keeps falling,” the former Deputy Communications Minister asserted.

He described Ghana’s current situation as a “double jeopardy” stressing that “managing an economy isn’t about bragging and long lectures”.

“It’s also not about pride as they [NPP] thought while in opposition. The country would be witnessing several lectures should this be happening under an NDC government. Distinguish speakers are in extinction in Ghana now because it’s the era of the NPP,” Kwakye Ofosu added.

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