Dr. Stephen Amoah, the Deputy Minister for Finance, has stated that Dr. Mahamudu Bawumia, the New Patriotic Party’s (NPP) flagbearer, aims to establish a sustainable national strategy to tackle and reverse the sharp devaluation of the Cedi against the US dollar if he assumes the presidency.
This declaration highlights Dr. Bawumia’s dedication to securing Ghana’s currency through careful financial planning. Dr. Amoah, a former head of the Microfinance and Small Loans Centre (MASLOC) and the current MP for Nhyiaeso, emphasized during a media briefing on Tuesday, May 28, that the continuous depreciation of the Cedi necessitates a leader with a solid financial background.
He is confident that Dr. Bawumia’s expertise positions him well to fortify Ghana’s foreign exchange market and implement sustainable remedies. Growing concerns about the Cedi’s devaluation have been expressed by trade unions and the business sector, who argue that the currency’s decline is significantly inflating the cost of conducting business.
These stakeholders have called on the government to identify a lasting resolution to stabilize the currency and alleviate its economic repercussions.
During an interview with Citi FM, Dr. Amoah encouraged Ghanaians to endorse Dr. Bawumia’s presidential candidacy in the upcoming December 7 election. He emphasized that electing Dr. Bawumia would facilitate the execution of a comprehensive long-term strategy to combat the Cedi’s devaluation and effectively promote economic stability.
We are doing our best to stabilize the Cedi, which I said is a short-term approach, but we need a long-term approach to resolve the issue through a framework, and then I proposed that to achieve that, we will design a long-term approach when Dr Mahamudu Bawumia is elected president.
