Former Finance Minister: Gov’t Has Totally Lost Control

Former deputy Finance Minister, Cassiel Ato Forson has inferred that the Ghana cedi is out of the control of the government.

This is a reaction to a Bloomberg report that the cedi is the worst-performing currency in the world against the United States Dollar.

Ato Forson who is a Member of Parliament for Ajumako Enyan Essiam constituency and Ranking Member on the Finance Committee of Parliament finds the development “unprecedented” in the history of Ghana.

According to him, the government has been dispassionate toward the issues of the currency.

“Govt’s nonchalant attitude towards the fact that the cedi is now the worst currency in the world shows they have totally lost control! “, the former Finance Minister under the erstwhile Mahama administration tweeted.

“This is unprecedented!”, he said, and recalled, “We started the year at $1 = GHC6, today $1= about GHC 13!!! @MBawumia What is happening?”.

Bloomberg reports that Ghana has taken the place of Sri Lanka as the worst-performing currency against the US dollar among some 148 currencies.

The Cedi, Bloomberg says, has further fallen by 45.1% since January 2022, after a 2% slump on Monday.

“The currency that derived its name from the sedie, the local Akan language name for cowrie shell switched position with the Sri Lankan rupee, which is now the second worst performer with a 44.7% drop to the greenback this year”, Bloomberg said.

Currently, a dollar is selling at 12.65p.

Source: opemsuo.com/Hajara fuseini