Spio-Garbrah defends cedi gains, says currency appreciation not artificial

Former Trade Minister Dr. Ekwow Spio-Garbrah has dismissed claims about the Ghana cedi's recent appreciation being artificial. He praised the local currency's performance under President John Mahama. He believes these gains show effective economic management.

In an interview with JoyNews in Abidjan, he noted price drops across the country. He sees this as a sign of an improving economy. The cedi’s gains are due to sound government actions.

Dr. Spio-Garbrah said, “For the first time in my life, prices are falling.” He mentioned that fuel and spare parts prices are decreasing. Traders are even encouraging each other to lower prices.

He referenced a grassroots campaign by traders for price reductions. Videos show traders calling for lower prices with slogans like "Teso." Many people have not seen such reductions in a long time.

He called the cedi's appreciation historic and remarkable. “The exchange rate is progressing towards 10 cedis to a dollar,” he said. This achievement was unexpected and significant for the economy.

He challenged those who claim these gains are not genuine. “If it’s artificial, why didn’t it happen last year?” he asked. It takes intelligence and experience to manage economic activities effectively.

Dr. Spio-Garbrah also responded to former Vice President Dr. Mahamudu Bawumia's comments on government influence over current gains. He argued that reducing inflation is indeed a policy.

“A policy doesn’t need to be lengthy,” he explained. He stated that policies can be simple statements of fact against abuse of office. Length does not define a policy’s validity or effectiveness.

The full interview with Dr. Spio-Garbrah will air tonight on Upfront with Blessed Sogah on JoyNews.