General News of Friday, 7 February 2014
Former Member of Parliament for Asokwa constituency, Maxwell Kofi Jumah, has attributed the free fall of the cedi and the crippling economy to “lack of common sense” of Ghana’s leadership.
According to him, the people put at the helm of affairs to manage the economy are deficient of workable solutions to bring relief to Ghanaians.
Kofi Jumah made the comment on Asempa FM’s Ekosii Sen programme Thursday while discussing the new measures by the Bank of Ghana to shore up the cedi.
The Central Bank among other things banned commercial banks and other financial houses from issuing cheques and cheque books on foreign exchange accounts (FEA) and foreign currency accounts (FCA).
The Central Bank stated that cash withdrawals over the counter from FEA and FCA shall only be permitted for travel purposes outside Ghana and shall not exceed US$10, 000.00 or its equivalent in convertible foreign currency per person, per travel.
It has also outlined new measures for forex bureau operators which direct them not to sell or buy more than US$10,000 or its equivalent per transaction.
But Kofi Jumah described the measures as a knee-jerk reaction to solving issues.
He intimated that the cedi has depreciated over 130 percent due to the “irresponsible spending” by the Mahama-led National Democratic Congress (NDC) administration.
“They [NDC] have used 14 months to destroy the economy. The cedi has depreciated 130% and 75% occurred under NDC” he stated.
The former Asokwa MP obviously frustrated about the current economic situation, said the toilet roll has more value than the cedi.
Kofi Jumah was confident Ghanaians will survive because “even at the time of the Rawlings chain, we were able to survive”.
In a quick rebuttal, a member of the NDC communication team, Eric Ametor Quame said government is not to blame for the current economic woes.
He noted that the fundamental nature of the economy which is “import-led as against export-led” is a major contributory factor of the current predicament.
This notwithstanding, the NDC man observed that government is working assiduously to reverse the trend.
“We need a political consensus for a national economic policy to move the country forward,” he added.
Ametor Quame called on Ghanaians to be steadfast and have hope for a Better Ghana.