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Deputy Finance Minister Foresees Long-Term Framework for Cedi Depreciation under Bawumia Presidency

Deputy Finance Minister, Dr. Stephen Amoah, has suggested that Dr. Bawumia will devise a comprehensive strategy to address the persistent issue of cedi depreciation once he assumes the presidency.

In a discussion with journalists on Wednesday, May 29, 2024, Dr. Amoah reiterated that the depreciation of the cedi is a longstanding challenge affecting various governments and not specific to the Akufo-Addo administration.

Blaming the import-driven nature of the economy for the woes of the cedi, Dr. Amoah dismissed attributions of the problem solely to the current government as “intellectual dishonesty” or “unconscious incompetence.” He stressed the need for a collective, nationalistic approach to tackle the issue effectively.

Deputy Finance Minister Rejects Blame for Cedi Depreciation

Dr. Amoah emphasized the importance of transitioning away from an import-dependent economy to mitigate the volatility of the cedi. He expressed confidence that under Dr. Bawumia’s leadership, a long-term framework would be devised to address the root causes of cedi depreciation.

“It’s an issue that needs nationalistic attention. So far as we keep on being imported-driven economy, we’ll be having problems with cedi because we import almost everything. But Insha-Allah, Alhaji Mahamudu Bawumia, next year if he comes, we are going to design a long term framework to deal with the cedi,” Dr. Amoah remarked, outlining his optimism for a more robust approach to managing the cedi’s value in the future.

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