Whimpering Wampah
Dr. Kofi Wampah
When the precarious state of the country's currency is reduced to the theory of dwarfs and gambling, the alarm button must be pressed. We are in big trouble!
Dr. Mahamudu Bawumia's latest description of the state of the country's currency and the economy as being in crisis is apt. His latest public treatment of the Cedi, vis-a-vis the performance of those put in charge of it, reminds us of his earlier gloomy prognosis which sent propagandists of the ruling National Democratic Congress (NDC) taking cover and scavenging for lethal weapons and vitriolic words to hurl at him. Given the current Cedi-to-Dollar ratio even before the year turns a corner, he was rather charitable with his prognosis. At the time Dr. Bawumia predicted what the Cedi-to-Dollar ratio would be by the end of the year, he sounded alarmist in the ears of the uninitiated and state players who were in denial of the reality. Now it has come to pass – indeed, beyond what he foresaw in the horizon as it were.
His remarks on the Cedi during his recent engagement up north offers critical food for thought for those who care to think about where our economy is heading. Above all, it suggests critically that all the measures unfurled in response to the Cedi conundrum have failed to yield dividends.
Indeed, the non-response by the ailing Cedi to the treatment administered so far, casts a shadow over the competence of those directly or indirectly in-charge of the state of affairs.
It comes at the heels of Bank of Ghana Governor, Dr. Wampah's gamblers' theory.
If we tolerated Anita De Sosso's dwarf theory, we cannot do same for a whimpering Wampah, who by his level of education – especially in economics – should not be passing remarks which largely border on propaganda. Propaganda should not be part of the management of the national currency. Perhaps it is a subtle addition to the Governor's terms of reference which has aggravated the Cedi's complications. If such outrageous remarks and theories are being advanced, they point to the level of frustration and desperation government is embroiled in.
Had it been in other dispensations where good governance prevailed, Dr. Wampah would have exited his post.
It is heartbreaking to have our country's currency described as 'one of the world's worst performing currencies.' Adding us to failed economies such as Somalia and others is telling.
Dr. Wampah sounds as though he and his team are on the verge of unfolding a new set of measures to prevent the Cedi from further depreciation. Unfortunately, he has chosen to tread the path of other propagandists in government – much to the amazement of a largely incredulous population who are watching him in awe. The gentleman has slept on the job for far too long. There are certainly no new measures to restore the Cedi.
Expending $6.5 billion to prop up the Cedi to no avail, is a serious indictment on whoever was responsible for taking such a step.
Ghanaians deserve an apology from the Governor of the Bank of Ghana for inconveniencing them with those backward measures, ostensibly to arrest the falling Cedi.
Wampah must go because he has failed.
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