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GOVT TO SET UP BIPARTISAN COMMITTEE TO INVESTIGATE CEDI’S DEPRECIATION – OFORI-ATTA

The government is to set up a bipartisan committee to investigate the depreciation of the Ghana cedi in recent times, Finance Minister Ken Ofori-Atta has said.

Mr Ofori-Atta was addressing Parliament Thursday on the IMF programme, the Eurobond success as well as the depreciation of the Ghana cedi.

He said “Mr Speaker, the President has directed that I investigate the structural causes for the depreciation of the cedi and to propose measures to address the situation. The Governor and I will put a bipartisan committee together to proceed immediately.”

Mr Ofori-Atta said the recent depreciation of the Ghana cedi was not as a result of weak economic fundamentals.

He attributed the recent depreciation of the Ghana cedi to speculation of the currency among others.

The President had earlier expressed worry at the depreciating cedi but assured that all efforts are being made to arrest the decline and restore it to stability, in order to improve the competitiveness of Ghanaian industry.

Speaking at the commissioning of the Fujian Sentuo Ceramics Company at Kpone in Accra, Wednesday, February 27, President Akufo-Addo said he feels “...extremely upset and anxious about it [depreciation of the cedi] too..”

However, Mr Ofori-Atta assured Ghanaians that the local currency would be stabilised soon, “with the type of capital that we are expecting to get in the next few weeks, we really expect a reversal and stability,” he said.

The Ghana cedi was trading at GH¢5.43 this morning against the US dollar.

 

Source: www.myjoyonline.com


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