Laying Blame At The Doorstep Of The BoG For Cedi Depreciation Unfair & Disingenuous

Andrew Awuni of the Centre for Freedom and Accuracy has called on the Government of Ghana (GoG) to own up to the responsibility of running down the economy and not make a scapegoat out of the Bank of Ghana (BoG). According to him, the blame for the failed policies which is grinding Ghana�s economy to a halt is being laid at the doorstep of the Bank of Ghana but that should not be so. �..we have laid blame squarely on the shoulders of the Bank of Ghana. That is very disingenuous and unfair,� he told Adakabre Frimpong Manso on NEAT FM. He made these comments whiles addressing the challenges facing the economy. To him, he cannot fathom why the BoG is being presented as though it failed in its regulatory responsibilities and therefore its inactions have resulted in the depreciation of the Cedi. �..the Bank of Ghana is the custodian of our monies and they are the regulators of the financial sector but their mandate does not include generating revenue and the problems of the economy are purely a matter of demand and supply,� he added. In the view of Mr. Awuni, the BoG should not be proffering solutions to the challenges of the economy because �any solution they come up with, would be that of a short term� since it is government that can come up with policies that would stem the tide, as far as the depreciation of the Cedi against the major currencies are concerned. He further advised the government revise certain policies that put pressure on the nation�s reserves such as, the deliberate policy of using $2.6 billion on finished petroleum products every year, when it would cost much cheaper refining crude oil.