Cedi Depreciation: Mahama has Nothing to Offer Ghana again – Deputy Minister
Deputy Railways Development Minister, Andy Appiah Kubi, has lashed out at former President John Mahama claiming he (MahamaM) has nothing to offer Ghana. This follows Mahama’s recent claims that President Akufo-Addo’s administration needs help to halt the depreciation of the Ghana cedi.
The Asante Akim North legislator believes the former president has no clue to the resuscitation of the cedi as his administration faced worse times in sustaining the cedi against major currencies and he (Mahama) administered over a poor economy which has invariably contributed to the cedi’s current woos.
“Mahama should be the last person to even talk about the cedi’s depreciation. During his era the cedi depreciated by over 40% and he had absolutely no clue in addressing it.
“If he had any help to offer, it was back then that he could profer them but he watched on helplessly as the cedi fell to a record low,” the astute lawyer added.
Former President Mahama last Thursday urged the Akufo-Addo administration to hold a stakeholder forum on the economy in the wake of the cedi’s struggles.
Recalling his administration’s three-day Senchi Economic Forum in 2014, which then opposition party – the New Patriotic Party (NPP) boycotted, Mahama said the current government was “probably at such a decision point.”
The cedi has depreciated against the dollar from GHc 4.9 to over GHc 5.6 since the turn of the year.
But the Deputy Railways Development Minister beli Cedi Depreciation: Mahama has Nothing to Offer Ghana again – Deputy Ministereves the measures being put in place by the current administration will strengthen the cedi in the coming weeks.
He says the government’s fresh injection of capitals such as the $750 million Standard Bank bridge facility and the launch of the $3 billion Eurobond coupled with some funds to be made available by COCOBOD will go a long way to curtail the challenges the cedi is currently facing.