North Tongu Member of Parliament, Samuel Okudzeto Ablakwa has said the inordinate fall of the Cedi against the Dollar should be seen as a national security threat.
He said the President must dissolve the Economic Management Team (EMT), sack the Finance Minister, and quickly convene a nonpartisan forum to rescue the local currency.
In a tweet, Mr Ablakwa said “The total crash of the Cedi must be seen as a major national security threat. President Akufo-Addo should immediately suspend his regional booing tours, sack his Finance Minister, dissolve his failed EMT & convene a non-partisan emergency economic rescue forum to harvest fresh ideas.”
Some analysts have however expressed confidence that the Cedi will soon stabilize.
For instance, Chief Operations Officer at Dalex Finance Mr Joe Jackson said people are finding it difficult to buy Dollars these days hence, are giving up.
Similarly, he said, he expects the government to announce signals to the market that it is reducing its expenditure. The measures, he added, will include debt restructuring. When that happens he said, the Cedi fall will slow.
Speaking on the Ghana Tonight show on TV3 with Alfred Ocansey on Wednesday, October 19, he said “It is a tough time but I expect that the rate will slow down. The rate will slow down because at this moment, it is very hard to find dollars to buy, and most people have given up on buying Dollars and are slowing. I am also expecting that the government will soon announce measures that will indicate to the market that it is serious about reducing its expenditure.
“The measures, the biggest one is going to be debt restructuring, when that happens I expect the rate of the Cedi depreciation to slow down.”
Recently, the Second Deputy Governor of the Bank of Ghana Elsie Addo Awadzi also said the fall of the Cedi against the Dollar and also the high inflation rate (32.7%) are temporary.
She expressed confidence in a positive outlook for Ghana’s economy.
Speaking at the 21st Annual National RCB CEOs conference on the theme ‘Positioning Rural banking at the Centre of Financial Services delivery in Ghana – the role of stakeholders” she explained that recent global developments have heightened economic and business uncertainties for businesses and individuals. Our domestic economy is not spared from these developments.