Member of Parliament for Assin Central, Kennedy Ohene Agyapong has blamed the depreciation of the cedi on poor policy direction under the John Mahama-led administration
According to him, the cedi is falling because people have lost confidence in the bank and have ended up trading dollars.
He noted that, the NDC’s economic fundamentals were very weak considering the rate of the cedi’s depreciation, a situation he said contributed to the fall of the cedi.
“The cedi which is falling is because people are afraid and are now buying dollars. I don’t want any NDC member to argue about this cedi depreciation because they caused it. They establish banks and then when it dies then they leave to establish another one.
Mr. Kennedy Agyapong was speaking on Adom TV’s Morning Show “Badwam”Tuesday.
The Ghana Cedi has recently undergone a high appreciable fall in value against other major international currencies with the US Dollar in perspective.
As of Monday 4th, July 2017 commercial banks’ indicative prices quoted by the Bank of Ghana revealed that $1 was being sold at GH¢4.85, compared to ¢4.42 to $1 in September 2017.
But Mr. Agyapong who confessed of feeling the pinch of the development urged the vice President, Dr Mahamudu Bawumia and his team to ensure that the cedi is stabilized.
“If all indicators are doing well then they should strengthen the cedi. I am a business man too and that is why I’m complaining too. In fact, when I heard Bawumia talking about the cedi some time back, I felt bad and quickly called John Boadu and asked him to be quick because this issue is going against us. They should be quick about it” he stated.