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NPP caused dwindling value of the cedi – Ricketts-Hagan

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The New Patriotic Party, NPP, administration of President Nana Addo Dankwa Akufo-Addo has been blamed for the loss of value of the cedi against some major currencies.

Former Deputy Minister of Finance under the John Dramani Mahama administration, Kweku Ricketts-Hagan, blamed the NPP government, adding that the Ghanaian economy is suffering from its scathing assessment when it was in opposition ahead of the 2016 elections.

According to Ricketts-Hagan, these scathing assessments has created the impression of an increased risk of doing business in Ghana, which affected the value of the cedi.

Ricketts-Hagan stated this in an interview with Citi News, calling on government to stop speaking ill of the economy and scaring investors.

“The foreign exchange market does a lot of speculation therefore if you are talking down your economy then what you are dointsg is that, you are making the investors in our economy panic because if people don’t have confidence in your economy as it is being portrayed by you yourselves as a government then people who have invested here will begin to take their investment out.”

“By them taking their money in dollars and liquidating whatever assets they have here, they will use the cedis they receive here to buy dollars and repatriate them so it is indeed a factor,” he explained.

Continuing, the former deputy minister said care should be taken as this rhetoric would always negatively feed into the currency market and the credit rating markets.

“If you are talking down your economy, you have to be careful, and when we do it just to score partisan points by saying that previous government has done badly with the economy, you are not doing the country any favour… Recently you have heard the likes of Fitch thinking of possibly downgrading Ghana’s economy. These are all as a result of talking down the economy.”


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