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A member of Parliament's finance committee, Ato Forson opposes the government's call for a bipartisan survey on the annual depreciation of the cedi.
Finance Minister Ken Ofori-Atta hailed the success with which the government saved the cedi against the currency of the dollar, during a presentation to Parliament on Thursday.
This happens every year and the government, especially President Nana The Akufo-Addo regime wants to find a lasting solution to the problem.
He instructed the Minister of Finance to find that quickly. In his presentation, Mr. Ofori-Atta revealed that a bipartite committee would be created for this.
Mr. Ofori-Atta wants a bipartisan committee to investigate the cedi
He said: "The president asked that I study the structural causes of the depreciation of the cedi and propose measures to remedy the situation.
"The governor and I are going to set up a bipartite committee to proceed immediately," he said.
But Forson, a former deputy finance minister, said the approach was totally useless.
He told Joy News's Evans Mensah that the management team was willing to offer their skills when asked, but this decision represents "a waste of time and resources".
For him, it will be a surprise for government or whoever claims to be unaware of the causes of the Cedi's depreciation, so much so that a committee should be set up to determine it.
"What we see is only the symptom, not the disease. We know what the disease is and made, anyone in this country knows what causes the Cedi's depreciation, "he said.
Current cedi status from xecurrencyconverter.com
Ajumako-AnyanAs I am According to the MEP, the two major problems facing the country, which lead to persistent depreciation of the Cedi, are the lack of investment in economic sectors and excessive borrowing.
"We do not invest a lot in the fields of agriculture, areas that we can not easily import, but we invest in consumption.
"Once again, we borrow too much. The foreign participation in our country is such that all the forex that we end up collecting, part of them ending up being used for loan service. The amount we use to repay our debt is in itself a problem for us as a country, "he added.
He does not think that the committee is a solution to the problem and that "the statement itself is not well thought out … it will not solve the problem".
But the chairman of the finance committee, Dr. Mark Assibey Yeboah, does not agree with his colleague.
He said the bipartite committee should not be seen as the only solution to the problem, but among others.
In his opinion, a currency can not depreciate so much in a the week and appreciate so much in another. This does not mean that fundamentals are lowAs Vice President Mahamadu BAwumia said, it simply means that something is wrong.
"When a currency appreciates like last week, it defies economic theories. A currency that has depreciated so quickly … we should not see these fluctuations. That's the volatility, the fluctuation, it's not normal.
"So there must be something we have not turned away from in the past, and I think it's time for us to review the data and understand the economic events again," he said. .
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