{"id":1406,"date":"2024-04-08T09:02:11","date_gmt":"2024-04-08T09:02:11","guid":{"rendered":"https:\/\/sotnews.agency\/?p=1406"},"modified":"2024-04-09T14:20:47","modified_gmt":"2024-04-09T14:20:47","slug":"govt-used-eurobonds-to-give-artificial-strength-to-cedi-tamakloe","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=1406","title":{"rendered":"Govt used Eurobonds to give \u2018artificial strength\u2019 to Cedi \u2013 Tamakloe"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>1 Minute, 49 Second <\/div>\n\n <\/div>

The Director of Legal Affairs for the opposition National Democracy Congress (NDC), Edudzi Tamakloe, has stated that the New Patriotic Party under President Akufo-Addo used the Eurobonds to cushion Ghana\u2019s currency from depreciation from 2017 to 2021.<\/strong><\/p>\n

He said the government decided to use Eurobonds to give the Cedi an \u2018artificial strength\u2019 emphasising that the Cedi started depreciating. He stressed that Cedi started depreciating when the international markets were closed to the Ghanaian government.<\/p>\n

\u201cYou will notice that when this administration came what they decided to do is to use the Eurobonds to create an artificial strength for the Ghana Cedi so by April 2017, they had gone in for the Franklin Templeton bond of $2.25 billion dollars.<\/p>\n

\u201cThen in 2018 up to 2021, within the space of five years, they had done 11 billion dollars of Eurobond,\u201d said lawyer Edudzi Tameklo on The Big Issue segment on TV3 New Day on Monday, April 8.<\/p>\n

Lawyer Edudzi Tamakloe speaking on the New Day<\/p>\n

According to Mr. Tamakloe, the government effectively used the bonds to support the Ghana Cedi without any critical input from the Economic Management Team (EMT) led by the Vice President Dr Bawumia.<\/p>\n

\u201cWhat effectively they were doing was to use the Eurobond to create an artificial strength. So effectively, the Ghana Cedi from 2017 to 2021 was given what they called a performance-enhancing drug. So, the Cedi was effectively on drugs,\u201d he reiterated.<\/p>\n

\u201cNot because of the Economic Management Team, nothing. Consistently, they were doing two billion dollars averagely every year,\u201d Mr. Tameklo emphasised.<\/p>\n

READ ALSO:\u00a0<\/strong>NPP govt has given the biggest scholarship in history \u2013 Miracles Aboagye<\/a><\/p>\n

He further noted that the Cedi started depreciating when the rating agencies downgraded Ghana\u2019s economy in 2022, leading to the woes of the Cedi.<\/p>\n

The private legal practitioner said, \u201cImmediately upon the downgrade when the Cedi now has to face its true strength, we went to 15 Cedis to a dollar that was the true strength of the Ghana Ced.\u201d<\/p>\n

Currently, the Cedi is selling between 13.50 and 13.75 to a dollar.<\/p>\n

The post Govt used Eurobonds to give \u2018artificial strength\u2019 to Cedi \u2013 Tamakloe<\/a> first appeared on 3News<\/a>.<\/p>

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The Director of Legal Affairs for the opposition National Democracy Congress (NDC), Edudzi Tamakloe, has stated that the New Patriotic Party under President Akufo-Addo used the Eurobonds to cushion Ghana\u2019s… <\/p>\n","protected":false},"author":1,"featured_media":1607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/1406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1406"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/1406\/revisions"}],"predecessor-version":[{"id":1609,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/1406\/revisions\/1609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/1607"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}