Cedi depreciation: Come and tell us your policies - Kennedy Agyapong to BoG

The Member of Parliament for Assin Central, Kennedy Agyapong has asked the Bank of Ghana to present its short and long-term economic policies to Ghanaians. According to him, a lack of confidence in the economy is the reason for the constant depreciation of the cedi against the dollar. To build that confidence, he noted that the country’s financial managers must communicate properly on the steps they are taking to restore the economy. Speaking on Dowona TV on October 26, 2022, Kennedy Agyapong said “as a government, we have to do something to build the confidence of Ghanaians, we are pleading with the Governor to come out and tell us its monetary policies which are short-term policies. With what is going on, we need confidence from the government to say look take your time, this is how we are going to solve the problem, it will take a while but please don’t panic.” He further bemoaned the fact that the government does not seem to be communicating with Ghanaians on its steps to save the economy from the current economic hardships. The Assin Central MP noted that this is the time to be innovative and find new ways to do business. “Somebody has to speak to Ghanaians, but nobody seems to be talking. That is the biggest challenge that is making the cedi fall further. Situations like this are what bring about innovations and new ways of doing business and where we are today shows us that we have to be innovative and change our old styles,” he added. Ghana’s current economic crisis has been characterized by an increasing fall of the cedi against the dollar amid the high cost of goods and services. Business owners have lamented the constant depreciation of the cedi and its effects on their working capital. Watch the latest episode of BizTech below: SSD/KPE