Economic lecturer and Head of Finance at the University of Cape Coast (UCC), Prof. John Gachie Gatsi, says Ghana does not need bi-partisan probe into the cedi depreciation to understand the structural problems in the country.
According to the economist, the structural problems of Ghana have already been echoed by the NPP when they described the economy as a “Guggisberg” economy when they were in opposition.
He noted that the structure of Ghana’s economy can be seen in the international trade statistics of the country as produced by Bank of Ghana. He noted that the statistics revealed that Ghana has become the net importer of palm oil and spending millions of dollars to import rice, sugar and pharmaceutical products.
“…these are very clear facts we know when we talk about the structure of our economy. The structure is such that we are overly relying on imports and the imports are not only intermediate imports which is a known fact that you need these imports for further manufacturing activities in the country …”, he added.
Prof. John Gachie Gatsi made this statement in an interview with Ekourba Gyasi Friday.
Finance Minister, Ofori Atta on the floor of Parliament last Thursday revealed government’s decision to set up a bi-partisan committee to investigate the depreciation of the cedi after the President of the republic of Ghana, Nana Addo Dankwa Akufo Addo tasked his ministry to investigate the depreciation of the cedi against the dollar and other currencies.
Finance Minister, Ken Ofori Atta, was on the floor of Parliament to brief the house on the country’s completion of the extended credit facility it entered in 2015 under the International Monetary Fund (IMF) programme.
Prof. John Gachie Gatsi stated that the decision to set up a bi partisan parliamentary committee to probe the depreciation of the Cedi is a subtle way of responding to the call by former President Mahama’s on the need for an economic Forum to address the depreciation of the cedi.
The former president in a Facebook post asked the current NPP administration to seek for help just like he did in 2014 when the country was facing a similar economic crisis.
The former president stated that the “Senchi Economic Forum” produced the “Senchi Report which contributed to the Homegrown Fiscal Consolidation Programme.
“There are times when a leader or a party must admit that they do not have all the answers to the challenges facing the economy or a particular sector. At such times, it does not take away from your dignity, but adds to your credibility, when you create a consultative process that forges a consensus and allows a nation to move forward.” He posted on Facebook.
Meanwhile, former Deputy Finance Minister and Member of Parliament for Ketu South, Fiifi Kwetey, says politicians must be blamed for the depreciation of the cedi and not the Central Bank.
Ghana | Atinkaonline.com | Vivian Adu Boatemaa