“Cedi problems due to import-driven economy, Bawumia will design framework to deal with it” -Deputy Finance Minister
Deputy Finance Minister Dr. Stephen Amoah has attributed the persistent depreciation of the Ghanaian cedi to the country’s import-driven economy.
Speaking to the media on Wednesday, May 29, 2024, Dr. Amoah emphasized that the issue extends beyond the influence of any single government and requires a comprehensive national approach.
“The Cedi’s depreciation is a ritual problem, it’s not because of one particular government, unless one is suffering from unconscious incompetence or displaying intellectual dishonesty that will say the Cedi’s depreciation is NPP’s government, it’s an issue that needs nationalistic attention,” Dr. Amoah stated.
He assured that if Vice President Dr. Mahamudu Bawumia is elected in the upcoming elections, a long-term framework will be developed to address the cedi’s depreciation. Dr. Amoah highlighted that as long as Ghana continues to import the majority of its goods, the demand for the dollar will persist, leading to ongoing challenges with the cedi.
“So far as we keep on being an importer-driven economy, we’ll be having problems with the cedi because we import almost everything. But Inshallah, Alhaji Dr. Mahamudu Bawumia, next year if he comes, we’re going to design a long-term framework to deal with the cedi,” Dr. Amoah added.
Over the past month, the Ghanaian cedi has continued to weaken against the US dollar and other major foreign currencies, underscoring the urgency of addressing this economic challenge.
