Former New Patriotic Party (NPP) General Secretary and flagbearer aspirant Kwabena Agyei Agyapong has expressed confidence that the party’s presidential candidate Dr. Mahamudu Bawumia will restore discipline in Ghana's foreign exchange management if elected president in the December 7 elections.
Speaking on Accra-based Peace FM's ‘Kokrokoo’ morning show, Kwabena Agyapong criticized the supervision division of the Bank of Ghana for failing the country since former President John Mahama's time regarding various banking crises.
"The supervision division of the Bank of Ghana have let Ghana down right from Mahama's time with the banking crises,” he said.
The former NPP chief scribe believes the current forex management regime is weak and lacking discipline with increased dollarization in the country.
“If we give something in dollar, it is wrong whether it is coming from government or somewhere else. You can peg it to the dollar but give a cedi equivalent at a particular time. So, it is important that, as a country, we should have confidence in our currency," he said.
"Our whole regulatory system of the forex regime is weak...I mean there is breakdown," Kwabena Agyapong added.
Given Bawumia's experience, the ruling party’s stalwart expressed confidence that he is the right leader to restore order in the forex system.
“I am very confident that he will restore some level of discipline in the forex management in this country," he stated.
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Comments
The Bank of Ghana can not decide the value of the dollar, which is issued by an economy 120 times Ghana's. The Bank of Ghana can, however, influence the value of the cedi. When printing a lot of cedis, the value falls. Bawaumia wants to mask this by preventing us from selling cedis to the real, lower price. Hence, there will be a queue to get cheap dollars. The government lets its pet projects and pet people buy the subsidised dollars, in reality an extra tax on the population.