Central Regional Chairman of the opposition National Democratic Congress (NDC), Benard Allotey Jacobs is calling for the resignation of vice president, Dr Mahamudu Bawumia over the depreciation of the cedi.
According to him, it is obvious the economic ‘wizkid’ has lost control of the economic management of the country.
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There is growing demand on government by various organisations to address the fast depreciating cedi.
The Ghana Union of Traders Association, Importers and Exporters Association and the spare parts dealers have all served notice of a possible hike in the price of goods to make up for the high cost of doing business.
So far, the depreciation of the local currency is the highest value drop since President Nana Addo Dankwa Akufo-Addo took office in 2017.
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Director of financial markets, at the bank of Ghana, Stephen Opata, has said the high-interest rates introduced by the American Federal Reserve are to blame for the poor performance of the cedi against the dollar.
Dr Bawumia has also claimed the government has done far better in the management of the local currency.
But Allotey Jacobs on Adom FM’s morning show Dwaso Nsem Tuesday said Dr Bawumia must take the blame for the cedi’s fall.
He explained that the lack of a straightforward policy direction in the management of the currency is one of the main causes of the depreciation.
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The former Central Region NDC Chairman said the exchange rate has exposed the vice president who is head of the economic management team has exposed him.
Allotey Jacobs urged Dr Bawumia to resign honourably if the cedi hits GH₵6 to the dollar.