Dr Adam urges end to speculative actions on cedi

The Minister of Finance, Dr. Mohammed Amin Adam, has issued a caution against speculative activities affecting the Ghanaian cedi, urging individuals to desist from actions that could further destabilize the currency.
This follows recent remarks by Isaac Adongo, Member of Parliament for Bolgatanga Central, who advised businesses to purchase dollars despite government assurances of impending cedi stabilization.
At a joint press conference with officials from the Bank of Ghana (BoG) and the International Monetary Fund (IMF), Dr. Adam criticized Adongo’s comments, emphasizing that such speculation undermines ongoing efforts to stabilize the exchange rate.
“The problem with the cedi can largely be attributed to speculations. While we have been making efforts to influence market sentiments positively, we also know that some people are inciting speculations,” Dr. Adam stated.
He revealed that intelligence reports indicated deliberate attempts to destabilize the cedi, which became apparent when Adongo publicly advised people to buy dollars.
Dr. Adam recounted his recent statements at a Town Hall Meeting in London, where he assured that the government’s policies, expected financial inflows, and the completion of debt restructuring would strengthen the cedi.
“Despite these efforts, my brother Adongo went out there to say people should ignore Amin Adam and buy dollars to do their business,” he lamented.
The Finance Minister called on the minority to offer constructive criticisms and collaborate with the government to ensure economic stability.
“I think that this is not healthy for our economy. We should all work together, whether in government or the minority, because we are all stakeholders in this economy. We have a duty to our people to ensure that the economy is stronger for the benefit of all,” he appealed.
Dr. Amin Adam urged his colleagues on the minority side to cease inciting speculations and instead contribute ideas that could complement the government’s existing strategies.
“My friends on the minority side, I want to appeal to you to stop inciting speculations and to work with us, give us constructive criticisms, and ideas so that we can complement the ideas that we’re already pursuing,” he concluded.
The Minister’s remarks highlight the critical need for unity and responsible discourse in addressing Ghana’s economic challenges.