Member of Parliament for the Bolgatanga Central Constituency in the Upper East Region, Isaac Adongo has predicted that the Ghanaian Cedi by April 2019 can stabilize if stringent financial measures are put in place by government.
His comments follow the current complaints and reports about the state of the Cedi which has crossed the GHc5.00 mark against the US Dollar.
Speaking on A1 Radio’s “Daybreak Upper East” show on Monday, on an honorary award adjudging him one of the most influential Member of Parliament of Ghana, Mr. Adongo said the weak economic fundamentals are the major cause of the Ghanaian Cedi’s depreciation against major trading currencies on the economic market.
“If you have monitored my conversation on this, I have consistently said that Dr. Bawumia took us to wrong path when he began to engage in politicizing the exchange rate regime. All over the world the exchange rate regime is one of the most important tools available to the Central Bank to manage external shocks and so when you begin to politicize such a tool and you make it look like there is a certain exchange rate is an appropriate exchange rate and you force Monetary Policy to be targeting a certain exchange rate, what it does is that, it distorts the value of the currency.”
Source: a1radioonline.com | 101.1MHz | Ghana