Anyone who Blames Govt for Cedi Fall has Unconscious Incompetence- Stephen Amoah

The Deputy Minister for Finance, Dr Stephen Amoah, has stated that cedi depreciation in the country is tied to the country’s import-driven economy and not as a result of a government’s incompetence.

According to him, the menace is a “ritual” problem and would thus be unfair for people to blame any political party in power or government for it.

Such a person would be either suffering from unconscious incompetence or displaying intellectual dishonesty, in his view.

“Cedi depreciation is a ritual problem. It’s not because of one particular government unless one is suffering from unconscious incompetence or displaying intellectual dishonesty that he would say that cedi depreciation is NPP government.”

According to him, what needs to be tackled is high importation rate, a step he said would be taken by Vice President Dr Mahamudu Bawumia when he wins power in the upcoming Presidential election.

“It’s an issue that has or needs nationalistic attention. That one I agree but so far we keep being an import-driven economy, we will be having problems with the cedi.

“We import almost everything but Insha Allah Alhaji Dr Bawumia, next year if he comes, we are going to design a long-term framework to deal with the cedi.”

The country’s currency in recent days have been struggling against major currencies like the greenback and the pounds sterling.

According to data presented by the Finance Ministry, the cedi has lost 14.2% of its value as of May 20.