Malawi, Kenya, Uganda have strong currencies against the dollar, where did Ghana go wrong? – Manteaw

Dr Steve Manteaw
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Chairman of the Civil Society Platform on Oil and Gas, Dr Steve Manteaw has raised issues against the way the government of Ghana is managing the economy, especially regarding the local currency and also fuel prices.

He noted that countries like Malawi, Kenya, Uganda, Botswana have proven to be better managers of the effects of the global phenomenon, which is being attributed to the challenges in the economy, on their domestic economies.

In a Facebook post, he said ” As fuel races to break the 8, dollar breaks the GHC7 mark. Inflation to go through the ceiling.”

When his attention was drawn to the fact the global phenomenon can be blamed for this development, he said “Global phenomenon? Maybe. But countries like Malawi, Kenya, Uganda, Botswana have proven to be better managers of the effects of your ‘global phenomenon ‘ on their domestic economies.

“Their currencies are holding their ground against the dollar, at least. Where did Ghana go wrong? Or maybe the gods are indeed angry.”

In relation to the performance of the cedi, a former Member of Parliament for OkaiKwei North, Fuseini Issah has said the New Patriotic Party (NPP) has done well in managing the performance of the local currency, the cedi, against the major trading currencies, especially the dollar.

He said on the New Day show on TV3 Friday, February 18 that the worst performance of the cedi under the NPP administration is the best under the previous National Democratic Congress (NDC) regime.

The cedi currently trading at $6.5.

Contributing to a discussion on the show, Mr Issah Fuseni who also served on the Finance Committee of Parliament said “the worst performance of the currency under the NPP is worst under the NDC.”

“When in a year when the cedi depreciated by 18 per cent under the NDC, that was bad leadership,” he stressed.

Reacting to his comments, a member of the NDC, Abraham Amaliba said the facts indicate that the NDC did well in managing the cedi than what is being witnessed at the moment.

“Ghana is currently second worst when it comes to the strength of the local currency in Africa,” he said

He added, “NDC left it at 4 cedis to a dollar and now, we are at 6.5 cedis and you say you are better than us?”

By Laud Nartey|3news.com|Ghana

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