Rehashed approach to solve Cedi depreciation won't work-Kweku Baako

By Justice Kofi Bimpeh
Kweku Baako

Editor of the New Crusading Guide newspaper, Kweku Baako says the strategies being put forward by the Finance Minister, Ken Ofori Atta are old approaches that we have heard over the years.

According to him, the approach of injecting more Cedi on to the market to salvage the falling cedi is one that will work for short to medium term but won't last forever.

"I want to believe what the finance minister is saying but I want to believe if history supports what he is saying. We have seen what he is saying before. It's a long story and it's a repetition of history."

Read also: Cedi depreciation: There's something fundamentally wrong with our economy-Kofi Bentil

Finance Minister Ken Ofori Atta addressing the media this week said the Cedi will stabilise soon as government are putting in place plans to solve the continuous Cedi depreciation.

“We have about $300 million coming in from COCOBOD and another $600 million also from COCOBOD in about a month or so. We have officially launched our Eurobond which will be $3 billion and that should close within the next couple of weeks.”

Read also: Ken Ofori Atta assures Cedi will stabilise in 2 weeks

Speaking on Joy FM, Kweku Baako in reaction to the strategies outlined by the Finance Minister said the issue of cedi depreciation cannot be solved in a short term.

"There is no quick fix to this problem, let's be honest".

"Unless we all agree and stop politicising this and we all agree and solve this matter, even if NDC wins the next elections they will face this same issue," he added. Ghana News