Member of Parliament for Tema West, Carlos Ahenkorah has said the New Patriotic Party (NPP) has made significant strides in stablising the cedi.
According to him, but for the NPP at the helm of affairs, the cedi to dollar rate would have been GH₵50.
“If it was not the NPP government in power and it was another other government like a dollar would be GH₵50.
This is because the wisdom and policies the handlers of the economy have initiated, for example, the ‘Gold For Oil’ deal have brought the pressure on the dollar down,” he indicated on Accra-based UTV.
The former Deputy Trade Minister noted that, the local currency has been steady since the beginning of the year.
“These are some of the reasons why the government has been able to contain the dollar till now. If you observe from January to now, the level of depreciation is just 14% on the average. I am not saying the 14% is good but it is far far better than what the NDC would have delivered if they were in power,” he added.
Economic analysts are envisaging a continuous weakening trajectory of the local currency as foreign exchange demand-supply disparity remains substantial.
However, Finance Minister, Dr Mohammed Amin Adam has said the cedi’s depreciation year-to-date stands at 12%, significantly lower than the 27% depreciation recorded in the same period last year.
Addressing attendees at the opening ceremony of the 2024 3i Summit in Accra, Dr Adam reassured Ghanaians of the government’s commitment to curbing the depreciation of the cedi.
He emphasized that measures are being implemented to address the challenges facing the currency and urged Ghanaians to have confidence in the government.
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