National youth organizer hopeful of the National Democratic Congress (NDC), Daniel Opare Addo says, the Finance Minister, Hon Ken Ofori Atta is not qualified for his position.
According to him, Ken Ofori Atta since assuming office as Finance Minister, Ghana’s cedi has been depreciating which is affecting the economy of this country due to his incompetency.
Speaking in an interview with the media in Accra on Friday, Mr Opare Addo said he supports Ken Thompson advise to the Bank of Ghana (BOG) not to “throw good dollars to rescue bad cedi”.
He therefore asked the government of Ghana to seek advise from the public if it faces challenges in governance.
BoG injects more dollars into economy
The Bank of Ghana (BoG) has stepped up its supply of United States (US) dollars to meet daily demands for foreign exchange as global pressures and the exit of investors from emerging markets cause the cedi to depreciate.
According to a source at the BoG, the central bank had sold $157 million to banks this month, while in August this year, it pumped in $283.4 million sale to the banks.
The move is to stem the growing depreciation of the cedi, which has dropped by 6.9 per cent this year, more than the cumulative depreciation of 4.7 per cent for the whole of 2017.
The cedi, which was trading at GH¢4.42 to the dollar in January this year, is now valued at GH¢4.78 to the dollar at the interbank rates but is trading at GH¢4.94 at some forex bureaux in Accra.