The Minority in Parliament has attributed the recent rapid depreciation of the cedi to outside budget expenditure by the government.

The local currency has lost ground to the major trading currencies like the US dollar, Euro, and the Pound sterling with analysts projecting 18 cedis to a dollar by the end of the year.

Addressing the media in parliament, Minority leader Dr. Cassiel Ato Forson decried the impact of the development on businesses and individuals.

The former deputy finance minister charged the vice president and the head of the economic management team to immediately take steps to reverse the trend instead of dancing on the campaign trail

Dr. Forson further argued the over $300 million third tranche of the IMF bailout expected by the government to shore up the cedi will not be available until July given challenges with securing an MOU with external creditors.

According to him, the managers of the country’s economy are clueless about finding solutions to the depreciating cedi even as payment of debts is frozen wondering what would befall the economy should debt repayment start.

Source: Ghana/ Alhassan