{"id":8651,"date":"2024-05-20T09:00:08","date_gmt":"2024-05-20T09:00:08","guid":{"rendered":"https:\/\/sotnews.agency\/?p=8651"},"modified":"2024-05-20T14:18:54","modified_gmt":"2024-05-20T14:18:54","slug":"managers-of-the-economy-dont-understand-the-problem-of-the-cedi-ricketts-hagan","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=8651","title":{"rendered":"Managers of the economy don\u2019t understand the problem of the cedi \u2013 Ricketts-Hagan"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>3 Minute, 14 Second <\/div>\n\n <\/div>

The Member of Parliament for Cape Coast South, George Kweku Ricketts-Hagan, has observed that the issues of Cedi depreciation are complex, asserting that the current managers of the economy have not fully come to understand the problems of the local currency.<\/strong><\/p>\n

He said one needs enough comprehension of the problem of the Ghanaian economy to better manage it.<\/p>\n

\u201cThe story of the cedi is quite a complex one and I have come to believe and I don\u2019t make this statement lightly\u2026that the current managers of the economy actually have not fully comprehended the problems of the exchange rate.<\/p>\n

\u201cTherefore, the solutions that they are prescribing is actually not working because if you don\u2019t understand what the problem is, it will be very difficult for you come up with a solution,\u201d he said on The Key Points<\/strong> on Saturday, May 18.<\/p>\n

Additionally, the former Deputy Minister for Finance under the erstwhile Mahama administration cautioned that the local currency could be trading at GHC25.00 to a dollar by the end of 2024.<\/p>\n

According to the Cape Coast South legislator, Ghana\u2019s economy needs a fiscal space of up to five years to turn around. This, he noted, can be achieved if the managers of the economy renegotiate the country\u2019s external debt properly.<\/p>\n

Moreover, he attributed the Cedi\u2019s woes to leadership failure as far as the Economic Management Team (EMT) is concerned.<\/p>\n

READ ALSO:<\/strong><\/h6>\n

Cedi Depreciation: It could be GHC25 to $1 by end of year if\u2026 \u2013 Ricketts- Hagan predicts<\/a><\/p>\n

\u201c\u2026in 2016 we were talking about under 4 cedis being a dollar, today we are talking about 15 cedis to USD1. Again, that clearly tells you that whatever has happened in between, we\u2019ve had some kind of a leadership failure as far as the managing of the economy is concerned and this I drive it towards the EMT,\u201d he noted.<\/p>\n

Also, Mr. Ricketts-Hagan doubted whether the Vice President Dr. Mahamudu Bawumia is still the head of the EMT, because \u201cquite recently he was doing digitalization now it looks he is campaigning and obviously dancing off-beats on the field.\u201d<\/p>\n

IMF bailout<\/strong><\/h6>\n

Touching on the ongoing International Monetary Fund (IMF) extended credit facility programme, he underscored that the Fund\u2019s prescriptions \u201cwill not resolve the country\u2019s current economic woes.\u201d<\/p>\n

\u201cIf it happens like that, maybe we will be able to have the trust to start a better negotiation than what is on the table. Because the IMF is pushing us to do this negotiation without the IMF itself not understanding what is happening in the international capital market.<\/p>\n

\u201cIMF is good at helping you negotiate a multilateral and bilateral kind of a transaction. This is new. We\u2019ve never done it before. So if we go with what IMF is telling us- negotiate and try and get some percentage cut off, that\u2019s not what we need. We need is fiscal space to be able to build our economy.\u201d<\/p>\n\n

\u201cThe problem of our currency now and of economy, is not about how much hair cut you get, but it is actually about how much space you get within the next three to five years. So, the proper solution is to renegotiate our debt by refinancing the whole international bond market and get a fresh start.<\/p>\n

\u201cA fresh loan that will give us a clean slate and structure a bond that will give us a three-year zero-coupon bond and start some amortisation that will be going up,\u201d he told Alfred Ocansey on The Key Points.<\/p>\n

Ghana has so far received a total of US$1.2 billion out of the $3 billion \u201crescue loan\u201d under the programme with efforts underway to have the third tranche injected into the economy.<\/p>\n

The post Managers of the economy don\u2019t understand the problem of the cedi \u2013 Ricketts-Hagan<\/a> first appeared on 3News<\/a>.<\/p>

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The Member of Parliament for Cape Coast South, George Kweku Ricketts-Hagan, has observed that the issues of Cedi depreciation are complex, asserting that the current managers of the economy have… <\/p>\n","protected":false},"author":1,"featured_media":8767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","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":[1],"tags":[],"class_list":["post-8651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/8651","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=8651"}],"version-history":[{"count":2,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/8651\/revisions"}],"predecessor-version":[{"id":8769,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/8651\/revisions\/8769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/8767"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}