Comparatively, the John Kufuor and Akufo-Addo administrations have done better in strengthening the local currency, the Ghana Cedi, against the major trading currencies, especially, the dollar, than the Mills/Mahama administrations, Mr Kojo Amoateng, Greater Accra Regional Chairman of the Ghana Union Traders Association (GUTA), has said.
Mr Amoateng has, however, appealed to the current government to stop comparing its feat with the performance of the Mahama administration because they were voted out of office for non-performance.
The GUTA Chair’s comment follows assertions by Dr Gideon Boako, who speaks for Vice-President Dr Mahamudu Bawumia on economic issues, to the effect that Ghanaians should not be ungrateful to the Akufo-Addo government as far as the depreciation of the cedi is concerned, since the current government has done a lot to reduce the rate of fall of the local currency from 31% to 6% – a far better record, in his view, than the Mahama administration achieved.
The cedi is nearing the 5 to $1 mark, a situation that has set businesspeople on edge.
“What is important is that; whatever the depreciation was at the time is not the same as today”, Dr Boako told Accra-based Citi TV, adding: “That is why if someone has been able to reduce the rate of depreciation from a point of 31 per cent to 6 per cent, you do not just be ungrateful to that person and say he has not done well.”
It means, he said, “That given the chance that person has what it takes to take you to a point where you have zero depreciation and you can think of how to grow up; that is the most important. If you do not situate the argument within that context, you will just be comparing the nominal figures”, Dr. Boako argued.
In his view, “It is important to also note that insofar as we don’t run a fixed exchange rate regime, depreciation is something that will be difficult to say you won’t see it at all. You try as much as possible to contain it and make sure you appreciate, but given the structure of our economy right from Guggisberg’s time to Nkrumah to today, the structure of the economy is such that we are mostly net importers, and, so, the trade accounts issued will affect our local currency at all times. We also have huge exposures to foreign investors in the country – those who are doing retail businesses and the likes, so they repatriate money outside and all of these will have effect on us”, he explained.
Speaking on this matter in an interview with Accra News’ Katakyie Obeng Mensah on the mid-day news on Accra 100.5FM, Tuesday, 11 September, Mr Amoateng said: “…We agree with Dr Boako in some aspects of his comments and in other aspects we disagree with him.”
“We agree that when it comes to strengthening the cedi, the NPP administrations – the Kufuor-led government and the current Akufo-Addo administration have done far better than the NDC did under former Presidents Mills and Mahama.
“We all know where the cedi was, as of the time the NPP left office in 2008 for the NDC to take over, and where the cedi reached when the NDC also left office in 2016 for the NPP to take over again. And, so, we know which government is performing as far as the cedi’s performance is concerned.”
“But the point is”, he added, “We voted out the NDC because we believed they were not performing and brought back the NPP and, so, the NPP administration should focus on instituting measures to further strengthen the cedi in order to make it competitive against the major trading currencies and stop comparing itself to the NDC.”
“We will urge the Ghanaian authorities to focus on the borders because the foreigners are coming into this country to trade on the black market. That is one of the reasons for the fall of the cedi,” he suggested.
Source: classfmonline
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Rico, when did you an ndc man become a member? if hardworking people are working don't bring your ndc at all! I thought you people said they were going to vote for the ndc in 2020? hahahaha! 3b3y3 mo s3 movie! listen ndc, never rely on real Ghanaians talking or criticizing this government because they meant well for the government to improve but not that they will ever choose ndc over the NPP, over the dead bodies of Ghanaians hahaha! so you think we will choose John mahama over Akufo Addo aaah! for what? what did John mahama do when ndc was in power? the create l0000*000t and share? his brother invading taxes because his brother was the president,his wife's per diem over thousand and thousands of dollars, the insults and arrogance, the show of power and the orders from above? you joking! the evil of the NPP is the angel of the ndc, we will forever go for the evil NPP than the angel ndc. Tweeeeaaa! One thing I like about the NPP is they listen to the concerns of the people and try to fix it and who doesn't want a government like that? at least since NPP came into office we haven't heard of orders from above, report to BNI those nons*nse of inferiority complex is no more. We Thank God For The NPP! It Shall Be Well With Ghana ! Ndc are ungrateful and have forgotten it was because of Prof. Mills that they got power in 2nd round of adzi wofie oye! according to Dr Afari Djan ndc lost in the 2012 election and that he warned the opposition to be vigilant since it was going to be rigged and if they bring the results whatever he will declare. Ndc lost 2016 massively due to vigilance of the Ghanaian people, your hawk and pythons can not face the anger of the people, let them try in 2020 and see if they will survive. NPP are not like the ndc who brag, NPP take it cool and collected.Listen to Allotey Jacobs and it will help you.
WE THE MEMBERS OF GUTA WILL VERY SOON EXPOSE OUR LEADERS. IF THEY HAVE GONE FOR SOME TIP FROM GOVERNMENT AND THEY ARE DEFENDING THE EXCHANGE RATE WHILES OUR GOODS ARE LOCKED UP IN HABOUR WE SHALL COME OUT SOON TO EXPOSE THEM. LET THE GOVERNMENT KNOW THE REALITY ON THE GROUND.
the rate of the exchange cannot be the same under any government especially in africa. the only time exchange rate went high was in 2013 wen the NPP went to court to contest the electoral victory of the NDC. What that meant was that the political climate was uncertain and thus affected the currency and investment inflows into the economy as a whole so the few dollars in the economy was sold high. the trend changed after the court case because the investor confidence then started to grow slowing the high exchange rate regime. it has never been an ability to manage the economy well by any group of people. NDC was injecting dollars into the economy to stabilize the economy which people said was not sustainable , the NPP is also injecting dollars to stabilise, SO PLEASE WHAT IS THE DIFFERENCE
Please don't let us compare apples and orange here. The dollar today is very strong not against Ghana cedis but all the major currency's in the world. This is because the US economy has been very strong even the pound is 4% down to a dollar. Thank God the government is doing the right thing elsewe would have bought a dollar for over 7 cedis, unlike when the dollar was running in Ghana but stable in international market that was due to choices the government made in regards to priorities, spending money that u don't have etc.
Ghana is sweet paaaaa
MR GUTA PRESIDENT, ARE YOU AWARE THAT MOST OF YOUR MEMBERS CANNOT CLEAR THEIR GOODS AT THE PORTS???? YOU CAN CHOOSE TO PLAY THE OSTRICH BUT TIME WILL EXPOSE YOU BIG TIME!!!!
***barred word*** PEOPLE WITH ***barred word*** GUTA AND MONUMENTAL INCOMPETENT NPP FOR ALL WE CARE YOU ARE ALL A BUNCH OF ***barred word***, ***barred word*** PRESIDENT, VICE AND SO CALLED EDUCATED ***barred word*** OF THE NPP WHO ARE HERE TO PLUNDER ,STEAL AND GOD KNOWS SELL THE COUTRY OUT
***barred word*** GUTA
Stop being petty, And don't forget that Kufour also left huge debt for NDC to pay.
Is either you are unpatriotic or you are being mischievous. NPP government is paying most of the debts you intentionally ignored to pay but use in corrupt infrastructures for votes. DOMSO, collapsing of NHIS and the others were all in deep debts.