The Member of Parliament for Assin Central, Kennedy Agyapong, has said the NPP government is to blame for the poor performance of the cedi.
Ghgossip has learned that as at Monday, September 17, 2018, the cedi was trading at GH₵5.00 against a dollar, according to forex news.
This seems to be the highest ever since the cedi started depreciation against the dollar and other major currencies since the NPP government came to power in January 2017.
Ghanaians have expressed dislike for the cedi’s depreciation leading to hard economy.
However, the outspoken Kennedy Agyapong said Ghanaians should blame the NPP government for not being truthful about the cedi depreciation.
Kennedy blamed the government of lying to Ghanaians about the actual percentage of the depreciation.
He reportedly stressed “they should show me where they found cedi to a dollar at 4.75 and I will buy 10million dollars. I don’t lie. I am suffering. I am NPP but I speak the truth. I said today, they should show me where they bought it for 4.75 and I will buy 10million dollars now-now,”
Kennedy Agyapong is also reported to have said: “The thing was GH¢4.20p. Now, in 18 months since we came, it is 5 cedis. At some places, it is even GH¢5.20! What is he (Dr Boako) talking about?”
“If you look well, 80 pesewas has come to join it. Simple mathematics is 80p over [divided by] GH¢4.20p times [multiplied by] 100 (%), it gives you 19%! So how can Boako say it is 6%?”, he quizzed.
However, Kennedy Agyapong was reacting to a statement by Dr Gideon Boako, the spokesperson for the Vice President Dr Mahamudu Bawumia, that the assessment of the depreciating cedi should be within the context of other currencies losing value to the dollar.
According to the spokesperson of Dr Bawumia, the rate of the cedi’s depreciation is much better as a result of government actions, compared with the NDC government.
But Kennedy Agyapong believes comparison and blame games are not the way to go because the NPP government has performed poorly in managing the cedi.
“If we are going to compare performance then it is wrong. It is not going to help… in fact, yesterday I was saying that on Adom TV. It was not good for Boako to come out.”
Exposing the cause of the falling cedi, he said the cedi is falling because people have lost confidence in the bank and have ended up trading dollars.