Oppong-Nkrumah Pleads for Positive Cedi Speculation After IMF Exit

General News of Thursday, March 28, 2019

Source: citinewsroom.com

2019-03-28

Information Minister Kojo Oppong-Nkrumah called for positive speculation on the cedi, which appreciates the dollar after months of freefall.

In an argument before Parliament, the Minister urged to put more emphasis on the positive aspects of the economy "so that our currency continues to benefit from the resilience it is starting to make. experience today ".

In the past, the minister accused the minority in Parliament of speculating negatively on the cedi to create panic.

"There is a practice in this country where some people specialize in speculating on the Ghana cedi for all of us, and the speculative activities and speculation and speculation that are constantly badociated with the currency contribute to this exercise. Mr. Speaker, today, on behalf of Ghana, we would like to advocate with such people: as we withdraw from this program and our currency starts to rebound, let us speculate on the benefits. "

Oppong-Nkrumah also expressed confidence that the Akufo-Addo administration will be financially disciplined following the exit of the International Monetary Fund (IMF) program on 2 April.

The IMF's Executive Board has just approved the final disbursement of about 185.2 million US dollars in Ghana.

"We have demonstrated the commitment, the skill and the discipline to achieve the goal and get out of this program," said Mr. Oppong-Nkrumah.

"We have also put in place the infrastructure of irreversibility," he added, referring to the law of financial responsibility.

"It is essential to ensure that tomorrow we do not interfere with this economy and do not return to another rescue program."

The minority, however, continued to be skeptical of the recent Cedi rebound.

Fifi Kwetey, MP for Ketu, said, "This temporary injection will have basically the same effect. [as last year]. They did this, thinking that it would draw people into a sense of security, but that security would be short-lived. "