Finance Minister, Dr. Mohammed Amin Adam has issued a stern warning to those speculating on the cedi's recent challenges, urging them to desist from such activities that could exacerbate the currency's instability.
This caution comes in response to comments made by Isaac Adongo, Member of Parliament for Bolgatanga Central, who advised businesses to purchase dollars despite the Minister’s assurances that the cedi will soon stabilize.
Speaking at a joint press conference alongside officials from the Bank of Ghana and the International Monetary Fund (IMF), Dr. Amin Adam criticized Hon. Adongo's remarks, emphasizing the government’s commitment to stabilizing the exchange rate.
“The problem with the cedi can largely be attributed to speculations,” Dr. Amin Adam stated.
“While we have been making efforts to influence market sentiments positively, we are aware that some individuals are inciting speculations.”
He revealed that intelligence reports had indicated deliberate efforts to incite speculation against the cedi, which became evident with Adongo’s recent statements.
“We saw it become real when my good friend and brother Hon. Adongo went out there urging people to buy dollars to do their business, just after I had indicated at the Town Hall Meeting in London that the cedi would strengthen with our ongoing policies, external flows, and debt restructuring efforts,” he said.
Dr. Amin Adam called on the minority to provide constructive criticism and refrain from actions that could harm the economy.
“This is not healthy for our economy,” he emphasized. “We should all work together, whether in government or in the minority, as we are all stakeholders in this economy. We have a duty to ensure that the economy is stronger for the benefit of all.”
He appealed to the minority to stop inciting speculations and instead collaborate with the government by offering constructive criticisms and ideas to complement the existing policies aimed at economic stabilization.
The Finance Minister reiterated that the government is fully committed to stabilizing the exchange rate and ensuring the cedi's strength through various measures, including the completion of debt restructuring and securing external financial flows.
The press conference highlighted the collaborative efforts of the government, the Bank of Ghana, and the IMF in addressing the cedi’s challenges and restoring confidence in the currency.
Dr. Amin Adam's appeal to desist from speculative activities is seen as a crucial step towards fostering a stable economic environment and achieving sustainable growth.
Story by: Joshua Kwabena Smith
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