Politics of Wednesday, 20 March 2019Source: Myjoyonline.comCedi depreciation: Government must admit failure - MinorityCassiel Ato Forson, Ranking Member on Parliament’s Finance CommitteeThe Minority says government must admit it has failed to turn the economy around to engender investor confidence and sustain the stability of the local currency, the cedi. According to the opposition MPs, the finance minister must, therefore, submit a new budget worthy of investor confidence to parliament. The minority further proposed that the “new budget” or “statement “must announce bold steps to address the cedi.”The minority’s press conference comes on the back of sharp depreciation of the cedi against its major international trading currencies especially the dollar, last week. The cedi depreciated from ¢4.9 to around ¢5.6 between February and March, sparking fears among the business community. The cedis has, however, rebounded strongly throughout this week, selling at ¢5.3 cedis to the dollar on Tuesday.

Source: GhanaWeb March 20, 2019 13:30 UTC