President of think-tank IMANI Africa and a member of the newly established Forex Development Committee, Franklin Cudjoe has clarified that the government is not using them to save its face in its seeming failure at managing the Ghana cedi against the US dollar, MyNewsGh.com reports.
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Speaking in a media interview monitored by MyNewsGh.com, the IMANI President stated that contrary to criticisms and media reports that they are being used as a public relations (PR) stunt to save the image of the government, the committee, instead, will bring more value to the work of the Bank of Ghana in finding solutions to the destabilization of the Cedi and proffer a lasting solution to the ‘recalcitrant cedi.’
Critics of the committee say the terms of reference of the
committee is no different from the Bank of Ghana and the Economic Management
team.
Renowned economist, Kwame Pianim poured scorn on the
40-member committee describing it as a public relations stunt, and called for
its immediate scrap.
Reacting to these public criticisms, Franklin Cudjoe stated
that although their mandate wasn’t better communicated to them by the Finance
ministry, people should not view them as being used by the government.
“Rather than look at it as a superfluous body, I think it is
going to give a lot of value to the work of the Central bank. We will jump off
the boat if there exists a slightest sign of being used by the government.” He
said, adding that members of the committee are not receiving any monies for the
three months work they are to do for the country.
”They are not paying for it so this is proper national
service. It is an honor to serve the nation and we are not taking even sitting
allowances.” He revealed.
Background
Government has instituted a 40-member Foreign Exchange (FX)
Development Committee as part of efforts to regulate the supply and demand of
forex in the country.
It follows an order from the President, Akufo-Addo to the
Finance Minister, Ken Ofori-Atta to investigate the structural causes for the
depreciation of the cedi and to propose measures to address the situation.
The committee comprises a representative each from the
Finance Ministry, Agric Ministry, Bank of Ghana, Ghana Union of Traders
Association (GUTA), IMANI Africa among others.
Notable names on the committee are Ken Ofori-AttaMinister,
Finance Ministry, Owusu Afriyie-Akoto Minister, Ministry of Agric, Alan
Kyerematen Minister, Trade and Industry Ministry,
Dr. Maxwell Opoku-Afari, First Deputy Governor Bank of Ghana, Dr. Samuel Nii Noi Ashong, Senior Policy Advisor, Ministry of Finance, Dr. Yaw Anum, Senior Technical Advisor Ministry of Finance, Evron Hughes, Technical Economic Advisor Office of the Vice President, Benjamin Komla Kpodo, Ho Central MP Parliament, Patrick Nomo, Chief Director Ministry of Finance (MoF), Samuel Arkhurst, Director, Tertiary and Debt Management MoF, Sampson Akligoh, Director, Financial Services Division, MoF among many others.
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Addressing the media upon the constitution of the committee,
Deputy Finance Minister, Charles Adu-Boahen explained, the move further
complements efforts by the government to stabilize the cedi.
Source: MyNewsGh.com/ Evans Osei-Bonsu/ 2020
