The newly elected General Secretary of the opposition National Democratic Congress (NDC), Fifi Fiavi Kwetey has cautioned the ruling New Patriotic Party (NPP) to stop gloating over the recent appreciation of the Ghana cedi against the United State dollar.
Mr Kwetey, who has served as a Deputy Minister for Finance, Minister for Agriculture and Transports, respectively, says although the appreciation of the cedi is a welcoming news to the people of Ghana because it will give them some form reprieve, what is happening, however, cannot be sustained because it is artificial.
The real value of the cedi, he says, will soon be seen when those artificial factors driving the currency to appreciate die down.
“You know, when it is that you have a situation where the massive importation into your country is not happening because, somehow, you have put a system in place where people cannot have access to, for example, the dollars to be able to do the importation, you create an artificial appreciation of your currency.
“The same applies to different things that are happening as far as portfolio investors are concerned. So it is not anything to celebrate at all.
“These are just short-term things that are artificial. The real sustainable situation is what we will see as soon as this artificial wind stops blowing, we will see exactly the real value of our currency”, he said in an interview with Accra-based TV3.
The value of the Ghanaian cedi has for the past two weeks been appreciating against the United State dollars.
But many Financial experts, Fifi Kwetey, are of the view that the current appreciation is driven by artificial factors and not as a result of any measure or policy put in place by the government.
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