The Second Deputy Minority Chief Whip and MP for Weija-Gbawe, Jerry Ahmed Shaib, has dismissed claims that the recent appreciation of the cedi is a result of prudent economic policies by the National Democratic Congress (NDC) government.
His comments follow recent statement by the Minister for Finance, Dr. Cassiel Ato Forson, that the stability of the cedi against major foreign currencies is due to homegrown economic measures introduced by the NDC government.
But speaking on Starr FM’s Star Chat with Bola Ray, the New Patriotic Party (NPP) lawmaker argued that external factors—particularly trade tensions between the United States and China—are responsible for the weakening of the dollar, which in turn has impacted the cedi positively.
He further suggested that reduced government spending, such as the delay in paying contractors, may also have contributed to the local currency’s appreciation.
“I do not think that anything new has been done. And I’m telling you—I’ve always been honest in my thinking. What hasn’t been done is that a lot of contractors have not been paid,” he said.
“I do not think that the stability of the dollar, to this extent, is largely because of prudent economic policies by the government. I think the China–US trade war has been a major reason for that,” added the MP.
Ahmed Shaib, however, conceded that the Mahama-led administration could take credit for the gains, since it occurred under its tenure, but stressed the NDC government cannot be solely credited for the development.
