Former Finance Minister Dr. Mohammed Amin Adam has sharply criticised the government’s management of the cedi, insisting that its extensive dollar injections into the market have produced little value.
He argued that the numbers simply do not add up. According to him, “They came in without restriction and started putting billions of dollars.
“Today, they have put 8 billion dollars. 8 billion American dollars is what they have been putting into the market.”
Dr. Adam questioned why, despite such heavy intervention, the currency remains weak.
“If the NDC would put only 8 billion dollars into the market, and we ended the year with the cedi being around Ghc 14 to 1 dollar, with 8 billion dollars in 8 months, should the cedi be around Ghc 10 to 1 dollar?” he asked at a TESCON programme at UDS-NYC, as monitored by MyNewsGh.
He described the minimal difference in exchange rate performance as unacceptable.
“The government that was putting 8 billion every month ended the year with the cedi at 14 to 1. And the government that is putting 1 billion every month, do you expect the difference between us and the NDC to become 3 cedis only?”
For him, the numbers expose what he calls poor management and misplaced celebration.
“If you can celebrate almost 11 cedis to 1 dollar after putting 8 billion dollars into the market, then I am sorry, NDC. The Ghanaians will know the truth. I will tell the truth.”
Dr. Adam maintained that the currency should be far stronger given the scale of intervention.
“The cedi should be 8 cedis or lower to 1 dollar, and not 11 cedis to 1 dollar, after pumping 8 billion United States dollars into the market.”
He concluded with a direct challenge to government officials. “I am challenging them to say something different from what I have said. I challenged them since yesterday.”
