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Vice-President Mahamadu Bawumia at the plenary, while questioning the NDC's statement, said that the notion that the Security Council used the reservations to overthrow the Cedi "would not be wise."
"The reason for the strong reversal of the cedi depreciation we observed is that the market is corrected on its own. The sentiments, expectations and uncertainties of investors have recognized that the fundamentals are much stronger than they suspected and that even without the IMF's fiscal and monetary discipline they are badured. "
Mr Bawumia added that the BoG would not have been able to use the reserves because, as part of the IMF's requirements for the conclusion of its program, the Central Bank had to increase its net international reserves by December 2018 , what was done.
"Increasing international net reserves to about $ 800 million, however, meant that the Bank of Ghana could not sell any foreign exchange in the market, it had to basically hold hands and could not intervene in the market during that period," added the vice president.
The figures mentioned by Mr Forson are marked in red
But Mr. Forson wondered why the reserves had been reduced if they were not used to save the depreciating cedi.
"Says he said he [Dr Bawumia] not using money for the purpose of the intervention, he should tell us where the money is.
"I know that they have used it for intervention purposes and the data do not lie. In fact, he's lying to us all and his credibility has now been called into question, "he said.
— Myjoyonline
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