Ghana’s cedi is gaining momentum against the dollar

The Ghanaian cedi has begun gaining momentum against the United States dollar following actions by Members of Parliament (MPs) to censure Mr Ken Ofori-Atta, the Finance Minister. 

Mr Alban Bagbin, the Speaker of Parliament, said the move had resulted in public confidence that action was being taken to save the cedi from further loss in value against the major international currencies. 

The Speaker made the remarks in his ruling to dismiss an objection to the filing of a notice of Motion on a vote of censure on the Minister of Finance. 

He said he had rightly admitted the motion, which had followed precedence of the House. 

“Just because people are given confidence that action is being taken, the cedi has gained some value, and Parliament should be commended,” Speaker Bagbin said. 

“It had climbed to about 15 to a dollar but has dropped to around 13, that is a serious gain for this country.” 

“And it’s because there is some confidence being given to the people that action is being taken to rectify the wrongs. 

He called for all hands on deck to ensure the cedi stabilised to benefit everyone. 

Mr Alexander Kwamina Afenyo-Markin, Deputy Majority Leader, had raised an objection to the motion in the Order Paper of the House, which was sponsored by Alhaji Mohammed-Mubarak Muntaka, and 128 other MPs. 

 He argued that a motion should not be accompanied by allegations and that if the House wanted to rely on those allegations, they must be factual.

Source: GNA