Bi-partisan committee to probe Cedi fall necessary and timely

One of the biggest headaches of the country is the seasonal depreciation of the Cedi.

The Minister of Finance, Ken Ofori Atta, describes it as structural defect of the economy which is causing the depreciation of the Cedi.

He admits that there are fundamental issues about the depreciation of the Cedi that needed to be investigated.

The Finance Minister told Parliament that the President had directed him to investigate the structural causes for the depreciation of the Cedi and to propose measures to address it.

The investigation, he said, would be undertaken by a bi-partisan committee that is to be set up immediately.

Indeed, the government had come under intense pressure since the turn of the year as the Cedi depreciated by 15 per cent to the United States dollar resulting in the increase in the price of goods and services.

However, since the government secured the $3 billion Eurobond to support the economy, the local currency has experienced some recovery against the dollar, a solution some describe as temporary and does not hold the solution to the sustained rebound of the Cedi.

It is on this basis that we believe that the formation of the bi-partisan committee to investigate the structural causes for the depreciation of the Cedi is necessary and timely.

The economic woes of the country cannot be said to be the problem of the government alone. All hands must be on deck if the country is to find a lasting solution to the perennial problem.

We welcome the decision which for us is in the interest of the country.

 Depreciation of currencies all over the world, are worrying.

In our case, we are going through seasonal depreciation because importers and business people chase the hard currency particularly for imports and because we are not producing goods for local consumption, it affects the local currency.

This has been the bane of the economy and governments have tried all the economic tricks to hold down inflation unsuccessfully.

However, the Ghanaian Times is of the firm belief that when all stakeholders put away their partisan interest and come together to deliberate on the real causes of the depreciation of the Cedi, a solution that is in the best interest of the country would be found.

This is one economic problem that must not divide the country because all governments have been confronted with it and we have not as yet found solution to it.

There is therefore, the need for all shades of opinion to be taken on board on this matter in order that a lasting solution would be found.