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Vice President Mahamudu Bawumia has often been criticized for its continued depreciation of the cedi against the US dollar.
That's why the country's economy has been scrutinized, with the business community expressing its frustrations.
Since the beginning of the year (2019), the local currency has depreciated from 4.9 GUC to more than 5.5 GBC per US dollar.
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Earlier Tuesday, March 19, 2019, however, the cedi appreciated a bit and is now selling around 5.4 GHc for one US dollar.
Bawumia, head of Ghana's economic management team, is expected to answer questions about the state of the country's economy at a public meeting to be held on April 3.
In advance of the program, the minority in Parliament served him five questions to answer.
The questions were asked Wednesday, March 20, 2019 by the spokesman for finances on minorities, Cbadiel Ato Forson.
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Here are the five questions:
question 1: Why would an independent central bank, focused on price stability, decide to lower the monetary policy rate against its own research findings, according to which the normalization of US policy strengthened the US dollar and forced investors to withdraw funds from emerging economies and that upward adjustments in domestic prices of petroleum products are likely to affect the prices of transport and utilities?
question 2: Why would an independent central bank, focused on price stability, decide to lower the policy rate in the face of declining net international reserves and rising interest rates abroad?
question 3Why would an independent central bank concerned with price stability decide to lower the key rate in favor of growth, which should be higher than in the previous year, while the local currency is under pressure?
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Question 4Why would an independent central bank, concerned with price stability, decide to lower the key rate in the face of excess liquidity in the banking sector from banks increasing their minimum capital by more than 100%, while local currency depreciates rapidly?
Question 5: Obviously, an economy can not be externally unstable and stable internally. How can a rapid depreciation of the exchange rate be accompanied by a single-digit inflation rate, as indicated by published macroeconomic indicators?
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Source: Yen.com.gh
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