Managing Editor of the Insight newspaper, Kwesi Pratt Jnr. has pooh-poohed Dr. Mahamudu Bawumia's analysis of the steep fall in Ghana's currency.
Giving
a public lecture at the Central University College last Tuesday, Dr.
Bawumia, the two-time Running mate of the New Patriotic Party (NPP),
advised the Bank of Ghana to reverse its directives intended to halt the
rapid depreciation of the cedi against other foreign currencies.
Rejecting
reasons given by government for the rapid depreciation of the cedi, the
renowned economist said the phenomenon cannot be blamed on the
re-denomination of the cedi, dollarisation of the economy, the structure
of the Ghanaian economy or the single spine salary scheme.
He
stressed that dollarization is not the cause of the cedi’s depreciation
but rather the effect of weak economic fundamentals and the loss of
confidence in the Ghanaian currency.
According to him, any
attempt to adjust the cedi in order to catch up with the dollar will be
an exercise in futility until proper measures are put in place to
strengthen the economy.
But speaking on Radio Gold's "Alhaji and Alhaji"
programme, Kwesi Pratt rubbished Dr. Bawumia's overview about the
economy, stating emphatically that the US Dollar plays a major role in
the fall of the cedi.
He also stated that the submissions by Dr.
Bawumia were not water-tight because he somehow gave a partial analysis
of the true state of the country's currency and issues pertaining to the
progress of the economy.
In his view, Dr. Bawumia wants to become a "big man" in the eyes of Ghanaians, hence informing his position on the state of the economy.
Buttressing
his point, Kwesi Pratt indicated that though Nana Addo Dankwa Akufo
Addo, 2008/2012 Presidential candidate of the NPP has confirmed reports
of his intention to contest the party's flagbearership for third time
come 2016; he (Nana Addo) "doesn’t have the mandate as we speak to
become the party’s Presidential candidate for 2016. He has declared his
intention to contest. The contest has not begun. He has not even picked
up a nomination form. Between now and when he picks up a nomination
form, so many things can happen. He may even decide to change his mind
which is possible.”
Due to this, several NPP faithfuls have
vouched for Dr. Bawumia as the possible Presidential candidate for the
party if Nana Addo's Presidential dream is shattered and this, according
to Kwesi Pratt, motivated Dr. Bawumia's speech on the nature of the
economy.
“This is an opportunity to play to the gallery. To do
the things and say things which will enhance his chances of becoming a
big man…” he stated. |
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