FX Committee: We’re not being used by government- Franklin Cudjoe clears air

0
90

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.

Click Here >> to read our latest news stories

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.

FX Committee: We’re not being used by government- Franklin Cudjoe clears air

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, Chakantuksaagh.com  reports.

Also READ: Celebrate tangible achievements, not LOANS – Gabby Quaye to Ken Ofori-Atta

Speaking in a media interview monitored by Chakantuksaagh.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.

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.

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: CHAKANTUKSAAGH.COM / Tikuri Solomon/ 2020

Click Here >> to read our latest news stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here