Communication director of the ruling New Patriotic Party (NPP) Kwasi Kyei Danso, has taken on minority National Democratic Congress (NDC) in parliament using unprintable words to describe their stance on the continuous depreciation of the local currency cedi against the foreign dollars.
According to the Ashanti NPP Regional Communication Director, Kwasi Kyei Danso, the minority lawmakers do not have any moral right and justification to criticise the government on the cedi depreciation even the government is underperforming.
“The NDC members in parliament are hopeless and useless. What did they do to the cedi when they were in power. If they have something to say, they could have done it and stop criticizing the government”,
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The recent blip in the foreign exchange market that saw a slight depreciation of the cedi against the dollar is short-term and a reflection of a spillover from external developments, an official of the Bank of Ghana has said.
Director of Financial Markets Department at the central bank, Steve Opata, told a section of the media that changes in global financing conditions, due to rising oil prices and hikes in US interest rates, were impacting frontier market economies in Sub-Saharan Africa.
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However, he said, Ghana is in a strong position to overcome the exchange rate volatility due to excellent economic fundamentals and a good external payments position.
“We want to assure the market that we have adequate reserves and the fundamentals do not support the slippages we have seen and we expect it to correct itself,” he said.
From the week beginning May 21, the local currency had been under pressure, particularly the cedi against the dollar.
“In the case of Ghana, we strongly believe that staying on track with government’s fiscal consolidation plan, the strong trade surplus, narrowing current account balances, significant build-up in international reserves (now standing at US$8.1 billion and 4.4 months of imports cover), and declining inflation rates, should moderate this impact,” he said.
Source : MyNewsGH.com
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