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The Appointments Committee of Parliament is vetting the Vice-President-designate, Paa Kwesi Bekoe Amissah-Arthur. Peacefmonline brings you live updates of the historic vetting of an incoming vice-president. Chairman of the Committee Hon Doe Adjaho's Opening Remarks: Committee�s decision to hold public hearing was unanimous, both the minority and majority members agreed. We accept condemnation and criticisms of the committee�s decision in good faith but takes exception to using falsehood to accuse the committee of doyuble standards. Denies categorically the claims that Chief Justice Theodora Georgina Wood was vetted in-camera, however National Security Coordinator was vetted in-camera because of the sensitivity and security of the position. MINORITY LEADER, Kyei-Mensah-Bonsu: We find ourselves in unprecedented times that is why people have condemned our decision. We here seated are convinced that we have chosen the right path. As the Charmin has explained, wherever is called upon to approve anything, it calls for scrutiny. Presidential candidates and their running mates subject themselves to scrutiny during elections campaigns so the people scrutinise them. But today, under the circumstances, the people have no opportunity to scrutinise the nominee so it is only proper that the the people's representatives scrutinise the nominee. He is also giving a long history of vice presidential vettings in the United States. Some have argued that in deference to the office of the vice president, vetting should not be in public but we respectfully disagree. Let me concede that the transition of an incumbent president in Ghana has no ancestry but it is important to set standards that are worth emulating. Mr Chairman I am done. Adjaho: We respect your office as Vice-President so if we ask you any questions concerning the economy whose answers might endanger the economy let us know; we will take your answers in-camera. QUESTION TIME: Deputy Minority Leader Ambrose Dery: Are you a Ghanaian by birth? "Yes I am," he answered. Mr. Amissah-Arthur shows his Voter's ID to prove that he is a registered voter. Hon. Ameyaw-Akumfi: Your CV looks like parts were hurriedly put together. There are some spelling mistakes on your CV, and then you didn�t indicate where you can be located. Veep Nominee: I think you should blame my wife who is from Mfantsiman (laughs) KT: reads text: tell him Mfantsiman girls take exception to the claims that they are responsible for the spelling mistakes on your CV. MP for Sissala West takes his turn and wants nominee to give a short message to Ghanaians. VEEP NOMINEE: I�m committing myself to work in a fair way and diligently. Atta Akyea: Can you tell the whole country since you assumed position as governor, the financial advice you proffered to government, especially the depreciation of the cedi VEEP NOMINEE: BoG is responsible for the change rate. We advised the government of steps taken. We have done this especially since we noticed the change rate from January. We took decisions on the monitory policy rate and reserve requirements and we did a number of things. The level of import into Ghana doubled and that put immense pressure on the currency. Atta Akyea: The banks now tell the customers you can�t take dollar off the country because of the currency. Is there anywhere in the world that somebody has a dollar credit and people can�t have access to their own money. Are you not opening banks VEEP Nominee: In previous times, government have allowed people to hold deposits in different currencies. But when you go to certain countries you are paid in domestic currencies, but we became very liberal. What we told the banks is that we should put a limit � US$10, 000 � which is a natural figure for us. We have imposed a charge on dollar deposit. Atta Akyea: You are the keeper of the purse and we are told some people defied President�s orders never to pay the Woyome money. VEEP Nominee: The BoG did not receive any instruction from Presidency never to pay [the Woyome judgment debt]. If there is money in the account and they say pay Mr. A we are under instruction to pay. If there is no money then we can draw attention that something is wrong. We can�t refuse to pay legitimate instruction if there is credit. KT Hammond: Kenkey sells at one cedi, gari, plantain, cassava, all the staples, everything, cedi is 2:1 to the Dollar. Are you happy about the state of the economy? VEEP Nominee: The economy has also chalked great success but prices are high. However for the first time in this country, there has been single-digit inflation for over 24 months consistently. The general level of prices have not risen. Matthew Prempeh, MP for Manhyia: BoG act 2002 tasks you to licence, regulate and supervise non-banking institutions, but Onward Investments worked for two years and BoG didn�t see, hear or feel. Why is that? VEEP Nominee: Onward investment was an illegal entity so how can you supervise it? If someone is giving you a yield of 1000% which is too good to be true, the people must stay clear away from such an institution. Sampson Ahi (MP Juaboso): Why does the Cedi depreciate in every election year? VEEP Nominee: That is correct observation. Every election year 1992, 1996 and 2000 the cedi depreciates. There is a greater danger of fiscal excess so people take pre-emptive measures. We have had a huge increase in import this year so we have had pressure on the cedi. In May we had more than 5%, but in June it was 3%. We are expecting that this will continue to the rest of the year. Teye Nyaunu: Is a common currency in ECOWAS really going to come? VEEP Nominee: Mr. Chairman, with my new position I have to be very careful about it. We have seen the problems that a monetary union has without a fiscal union. We have to be careful we don�t go through a similar thing like others. We are asking consultants to look again into the issue. We have done very well in last two years with respect to convergence criteria. Our currently problem is a monetary union without a fiscal union. MP for Lower Manya Krobo: How far has Ghana come as far as attaining the convergence criteria for the creation the West Africa Common currency, the Eco and is the Eco Project feasible? VEEP Nominee: Ghana has done well in especially the last two years, achieving two out of the three main points in attaining the convergence criteria. The sub-regional body has to be careful in designing the common currency. In Europe, countries are grappling their common currency so we have t be careful that we don't allow a small nation to create problems for all of us. Teye Nyaunu: What are you bringing onboard to solve unemployment? VEEP Nominee: I thought you were going to wish me four years plus four-and-a-half months. The role of the vice-president is a supporting one. I intend to work hard and I�ll be diligent in the discharge of my duties. Muntaka, Asawase MP: What can we do with the issue of graduate unemployment? VEEP Nominee: It�s an important observation. If people go to school and don�t have job it�s going to be a great disincentive. In the design of government programmes we have to develop aspect for labour employment. Hon. Dominic Azumah, MP for Garu Timpane says he has no question for the nominee.