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Dr. Stephen Amoah, the Deputy Minister of Finance, has said the depreciation of the cedi is a ritual problem which Dr. Bawumia is going to solve if he becomes President of the State.

He says the problem has ran through different administrations and until a long term solution is adopted, the local currency will continue to depreciate to other foreign currencies.

Speaking to journalists Wednesday, May 29, 2024, Dr. Amoah bemoaned the import-driven economy of the state, indicating that Ghana needs to produce more to reduce the imports to save the cedi.

He noted that persons who are blaming the NPP government for the depreciation of the cedi are either exhibiting “intellectual dishonesty or unconscious incompetence” since the issue is not peculiar to this administration.

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

“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,” he stated.

Meanwhile, the Vice President and flag bearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has promised to stabilise the cedi with Ghana’s gold.

According to Dr Bawumia, his ultimate goal is to back the Cedi with the country’s gold to ensure the currency’s stability.

The Vice President made the disclosure when he met with the Organised Labour to have a discussion on the prospects of the cedi amid the incessant depreciation to other currencies.

“Ultimately, my goal is that we are going to back our currency with gold and that is where I want us to go, increasingly backing our currency with gold. Because it is very easy for us to do so if you keep having the gold reserves.

“And that will keep a lot of stability in the exchange market. Because right now we don’t have an anchor to hold the currency, but if we back it with gold, it will be very stable, because its value ultimately will be reflected by the value of gold, which is very stable,” he said.

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