Fall of Cedi: you need help, ask for it – Mahama to the government

General News on Thursday, March 14, 2019

Source: starrfm.com.gh

2019-03-14

Former President John Mahama called on the Akufo-Addo government to open up and acknowledge its shortcomings in managing the economy and asking for help.

This stems from the steady decline of the Cedi in relation to major trading currencies. The cedi reached a record 5.6 per dollar.

In a Facebook post, Mahama said: "The recent free fall of the cedi against all major foreign currencies could reveal a deeper malaise regarding the" fundamentals of the economy ". Akufo-Addo / Bawumia and their economic team might well recognize their shortcomings and organize a Senchi-type stakeholder forum on the economy. "

The message also stated, "Sometimes a leader or party has to admit that it does not have all the answers to the challenges facing the economy or a given sector. In such moments, it does not affect your dignity, but your credibility, when you create a consultative process that builds consensus and allows a country to progress.

"I was confronted with such a decision as president in 2014. The Senchi Economic Forum, which ran for three days, was held in May 2014. It is the first time that I have been in business. was an extensive consultation process. Even though he was boycotted by the NPP, his goal of producing Senchi Report that contributed to the local budget consolidation program ".

Meanwhile, Finance Minister Ken Ofori-Atta badured that the cedi would stabilize in the coming weeks.

Sending to reporters in front of Parliament on Wednesday, March 13, 2019, Mr. Ofori-Atta said the government expects large inflows of foreign exchange that will help reverse the value of the cedi .

"Really, I'm very confident that a reversal will happen and that this [cedi] will be fairly stable in the future. We have about $ 200 million from Cocobod and $ 600 million from cocobod in about a month … and that should close in the next few weeks … with the kind of capital we're planning in the next few weeks, we're really expecting a turnaround and stability, "said the Minister of Finance.