Criticisms of Bawumia’s failure to arrest the cedi ‘legitimate’ – Majority Chief Whip

Dr. Bawumia

Criticisms of the vice president Dr. Mahamamudu Bawumia over his failure to arrest the depreciation of the cedi against the major trading currencies are “legitimate”, majority chief whip Mathew Nyindam has defended

The Ghana cedi was Tuesday, July 3, reported to have hit a record low raising questions about the Vice President’s ability to stabilize the Ghanaian currency, despite touting having the expertise in ensuring the cedi stands strong against the dollar and other trading currencies prior to the 2016 general elections.

Read: Ghana cedi at record lows

On Wednesday, July 4, the deputy Minority Leader, James Avedzi, predicted a further decline in the value of the Ghana cedi.

He noted that the cedi may depreciate as low as ȼ5 .20 against the dollar.

Mr. Nyindam, who is also a member of the Parliamentary finance committee, admits concerns about the falling cedi are genuine but assures government is working around the clock to fix the situation.

Mathew Nyindam
Majority Chief Whip of Parliament, Mathew Nyindam

“Like I said the Economic Management led by Bawumia, like you said he’s locked the cedi and the key is given to the IGP, is it that the key is stolen? That is a legitimate question you have asked and he wouldn’t sleep, the finance minister will not sleep until we find solutions to some of these things”

He saidthe falling of the cedi is a worrying situation that must not be politicized.

“We are not too happy about what is going on because when your cedi is wobbling in the international market, everything of yours is not good enough”

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Mathew Nyindam however observed that the New Patriotic Party should be commended for being able to “stabilize the economy” within one and a half years in government,

Meanwhile, the Bank of Ghana  is positive the cedi will soon see some stability because it believes the changes in the exchange rate are temporary.