Speculation fueling Cedi’s problems – Amin Adam

Dr. Mohammed Amin Adam, Minister of Finance, has cautioned those who are making predictions about the current difficulties the cedi is encountering to stop.

This follows statement made by Bolgatanga Central Member of Parliament Isaac Adongo urging businesses in need of dollars to buy some, even though the Minister had promised that the cedi will stabilize soon.

During a news conference organized by the Bank of Ghana and the IMF, Dr. Amin Adam slammed Isaac Adongo for his remarks, but he also gave the assurance that the government is still completely committed to ensuring exchange rate stability.

“The problem with the cedi, can also largely be attributed to speculations. Therefore, while we have been making efforts to influence market sentiments positively. We also know that some other people are inciting speculations.

“We have had intelligence that people are deliberately inciting speculations. But we never got it too real, as we saw only two or three days ago when my good friend and my brother Hon. Adongo went out there urging people to buy dollars to do their business.

“And this was after I indicated at the Town Hall Meeting in London, that with all the policies we’re implementing, with the flows that we’re expecting from external sources, and with the completion of our debt restructuring, with our bilateral official creditors as well as our Eurobond holders. We saw the cedi becoming stronger and stronger, my brother went out there to say people should ignore Amin Adam and go and buy dollars to do their business.”

Describing such speculations as “unhealthy,” he urged the minority to stop them and instead provide the government with constructive criticism.

“I think that this is not healthy for our economy, I think that we should all work together, whether we’re the government or the minority. Because we are all stakeholders in this economy. So, we have a duty to our people to ensure that the economy is stronger for the benefit of all.

“My friends on the minority side, I want to appeal to you to stop inciting speculations and to work with us, give us constructive criticisms, and ideas so that we can complement the ideas that we’re already pursuing.”

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