Politics of Tuesday, 11 February 2014

Source: peacefmonline.com

This isn’t the time to be punching gov’t - JOY

Jacob Osei Yeboah, an independent Presidential candidate in the 2012 general elections, has called on the nation and socio-economic analysts to stop slamming the government over the fall in the country's currency.

Jacob Osei Yeboah, popularly called 'JOY', speaking in an interview on Radio Gold, explained that the cedi depreciation should be looked at, at national level.

Ghana's cedi has over the months seen a downward trend as against the American dollar.

The dollar appears to have suddenly grown "wings" and flying farther from the cedi, which is seen struggling to catch up with the foreign currency.

This, therefore, has exerted much pressure on the economy and affected business transactions in the country.

The Bank of Ghana (BOG), in the hope of reviving the cedi, a couple of days ago announced measures to curb the cedi depreciation.

The BOG stated in a press statement that it has revised rules governing the operations of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) with effect from February 5, 2014.

It also asked exporters to collect and repatriate in full; the proceeds of their exports to their local banks within 60 days of shipment and added that failure to comply with the directives attract penalties.

The Trade Union Congress (TUC), on the other hand, has also kicked against the suggestions for a proposed freeze on Public Sector Salary Increase.

Speaking on Radio Ghana, Kofi Asamoah, Secretary General of the TUC explained that such move which was proposed as a measure to check the cedi depreciation will overburden public sector workers.

Several political figures on the opposition bench also blamed the Mahama administration for the fall in the cedi.

According to them, the government could have prevented the situation if it had acted proactively.

This notwithstanding, the only independent presidential candidate in the 2012 elections has asked the nation to stop shifting blames and rather assist the government to find a lasting solution to the economic downfall.

He also called on government to take tough decisions to arrest the situation.

He proposed that if the country will see a rise in the cedi, then the Mahama government should be ready to put measures in place to increase revenue or rather lay off some workers to boost the country's currency.

“This is not the time that all of us should be punching the government. We need to come out with a solution…The government needs to sit down."

He further implored the TUC to play a "complementary role" by assisting the government with ideas to check the challenges facing the exchange rate, rather than condemn the government.

He further advised the masses to stop venting their spleen on the Mahama administration.