Those blaming cedi depreciation on NPP government displaying intellectual dishonesty — Dr Stephen Amoah

The Deputy Finance Minister, Dr. Stephen Amoah has described criticism from the opposition that blame the depreciation of the cedi on the Akufo-Addo government as "intellectually dishonest".

The value of the cedi has declined sharply this year, recently trading around GHS15 to the US dollar according to cedirates.com.

Some analysts project that the cedi could end the year around GHS16 per dollar or even higher based on current economic fundamentals.

This unending depreciation has been a source of concern for Ghanaian business community with criticism from the opposition National Democratic Congress (NDC).

However, speaking to journalists in Accra on Wednesday, May 29, Dr. Amoah rejected notions that the weakness of the currency can be attributed solely to the policies of the New Patriotic Party (NPP) administration.

The Deputy Minister argued that fluctuations in the exchange rate are influenced by ritual problems beyond the control of any single administration.

He said, "Cedi depreciation is a ritual problem. It's not because of one particular government, unless one is suffering from unconscious incompetence or displaying intellectual dishonesty that will say Cedi depreciation is NPP government."

Meanwhile, experts say the cause includes trends in commodity prices, capital flows and investor confidence which are impacted by both domestic and external shocks.