Cedi depreciation a ritual problem; Bawumia will fix it – Deputy Finance Minister

Deputy Minister for Finance, Dr Stephen Amoah, says the depreciation of Ghanaian cedi is a ritual problem caused by the import-driven economy.

Speaking to the media on Wednesday, he highlighted that with importation putting demand on the dollar, cedi depreciation is a problem requiring national attention, beyond the scope of any single government.

He assured that Vice President Dr Mahamudu Bawumia if elected, will develop a long-term framework to address the cedi’s depreciation.

“Cedi depreciation is a ritual problem, I agree with you. It’s not because of one particular government…It’s an issue that has nationalistic or that needs nationalistic attention,” Dr Amoah said.

The Deputy Finance Minister added “so far as we keep on being an importer-driven economy, we’ll be having problems with the cedi because we import almost everything. But Inshallah, Alhaji Dr. Mahamudu Bawumia, next year if he comes, we’re going to design a long-term framework to deal with the cedi.”