The cedi is stable not because Ato Forson is doing anything special – Afenyo Markin

Alexander Afenyo Markin, the Minority Leader in Parliament, has made a claim. He says the cedi is stable, but not due to Finance Minister Dr. Cassiel Ato Forson’s efforts.

Afenyo Markin argues that the cedi's stability comes from reduced government spending. He points out that contractors are not being paid. This lack of payments means there is little money circulating in the economy.

He stated on Adom TV, “The cedi is stable because the government is not spending.” He added that many businesses have not received payments since this government took office. According to him, no major finance ministry has paid anyone.

He criticized the government's spending priorities. He said they only release funds for Jubilee House and fuel for official cars. Payments to private sector entities who worked for the government have been neglected.

In contrast, Dr. Cassiel Ato Forson expressed confidence in the cedi's future performance. He believes it will do well based on economic fundamentals and their work so far.

Ato Forson emphasized that the Mahama government aims to maintain a strong currency through sound policies and fiscal discipline. In an interview with Channel One TV, he reiterated his faith in the cedi's potential.

Currently, the Ghanaian cedi shows slight gains against major currencies like the US dollar. The Central Bank reports a buying price of GH¢13.89 and a selling price of GH¢13.90 per dollar.

For other currencies, the British pound buys at GH¢18.45 and sells at GH¢18.47. The euro trades at a buying price of GH¢15.73 and a selling price of GH¢15.75.