Currency speculation has existed as a “normal business rational decision” since the John Kufuor administration, and the Akufo-Addo government’s assertion of thinking the phenomenon is peculiar to them, is laughable.
This statement, coming from the Ranking Member on the Finance Committee of Parliament, Isaac Adongo, is in relation to an accusation leveled against him by the Finance Minister, for inciting negative sentiments against the cedi.
Dr. Mohammed Amin Adam, the Finance Minister, had accused Mr. Adongo of attempting to undermine the Ghana Cedi and cause further depreciation.
At a press conference on Monday, July 01, 2024, the Minister who also serves as the Karaga Member of Parliament, described Bolgatanga Central lawmaker’s comments as inappropriate.
He claimed that Mr Adongo’s comments were intentionally made to incite negative sentiments against the recent appreciation of the local currency.
In response, Mr. Adongo said successive governments have encountered the issue of speculation on local currency and does not see why the NPP government thinks it should be treated differently.
“Since when did speculation become a crime? In Kufuor’s time, there was speculation, in Prof. Millls’ time there was speculation, in Mahama’s time there was speculation, we managed the currency. So, there will always be speculation so why are you suspecting that all of a sudden because it is you, what is a normal business rational decision and conduct should give way so that you can stabilise the cedi” he questioned.
He added that the advice he gave the businessmen was to guard against the minister’s advice at the detriment of their businesses. The Minister had said some US$4billion was going to be pumped into the economy, advising businessmen not to rush for the dollar since it was going to fall.
But the MP said it were all lies.
“Telling them that that positive signal will be to their detriment because the cedi will not stabilise on account of falsehood and lies. Where are we now after one week? After one week the exchange rate is 5.7 so if somebody failed to buy at 5.4, 5.5, today he is going to buy at 5.7, will the minister give him the difference to pay?
“So, I was advising the businessman to be realistic and use your own instincts and guard yourselves against suffering the detriment of listening to the Finance Minister whose main objective was to throw dust into your eyes,”
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