A member of the FX Development Committee who is also Director of Financial Sector Division at the Finance Ministry, Sampson Akligoh has said the committee is neither investigating nor stabilising the cedi but are rather concerned about its future.
There were earlier reports that suggested the committee was investigating the year on year depreciation of the cedi amd proposing solutions which has been denied. Think tank president, Franklin Cudjoe who is also a member of the committee dismisses it.
But speaking on the Citi Breakfast Show on Monday monitored by MyNewsGH.com, Mr. Akilgu said the members of the committee were drawn from various sectors and associations who play various roles in the value movements of the currency as part of concerns for the currency’s future.
“The government has already done a lot to improve the stability of the cedi. This committee is not investigating or going to stabilize, it is looking to the future. It is not about stabilizing the cedi today. This committee, which has a broader representation, is just to make sure that there is a coordination mechanism providing strategy to feed into ongoing work, and this in the long terms is going to establish the basis for the currency dynamics of the country,” he said.
He added: “And what I am saying is that if you look at 2017, you look at 2018, you look at 2019 and you take the average, in terms of comparison, this is one of the most stable periods of the currency and I am explaining to you that a lot of work has been done on day to day basis to stabilize the currency and I am trying to tell you that this committee which is the most important thing is looking into the future of the currency.”
“It is not looking at the daily management of the currency because we need to make decisions that will ensure that we establish a near-equilibrium for the cedi.” he further said.
He explained that the committee would be working to inform the Economic Policy Coordinating Committee which is already leading efforts in ensuring a strong economy.
“This committee is bringing the players who are the cause of this seasonality so that we can fashion a strategy to inform the work of the EPC …” he stated.
Source: MyNewsGH.com/ Stephen Zoure
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