Alban Bagbin claimes credit for increase in value of the cedi

Alban Bagbin, has claimed credit for Parliament for the increase in value of the cedi against the dollar in the forex markets.

He asserted  that the motion on a vote to censure the Finance Minister, Ken Ofori-Atta, has been the magic wand.

The past three months have been turbulent at the forex front, with the cedi, which was averaging at the rate of GH¢9.12134 in August 2022 to the dollar, shooting to GH¢16 in October 2022.

The exchange rates reacted positively, with an appreciation of the cedi, following ongoing engagements between the government and some key stakeholders.

And Speaker Bagbin is utterly convinced that the action embarked upon by ⁸Members of Parliament (MPs) to retire Ken Ofori-Atta from office has helped for the cedi to make gains.

“I know as we keep on jaw-jawing, we will do what is proper in this House, and because of this motion, you know what has happened to the state of our cedi,” he stated, while dismissing an objection raised by the Deputy Majority Leader, Alexander Afenyo-Markin about the form of the motion as advertised on the order paper yesterday.

Mr. Afenyo-Markin had argued against the nature and form of the advertised motion, pointing out that it was fraught with allegations against the Finance Minister without facts.

“The MP for Winneba, you have done well by drawing our attention. I think the proper thing has been done and we should leave it as it is,” the Speaker, however, insisted.

He continued, “Just because people are gaining confidence that action is being taken, the cedi gained some value, and Parliament should be commended.”

“It climbed down from about GH¢16 to US$1 to GH¢13. That is a serious gain for this country and it is because some confidence is being given to the people that action is being taken to rectify the wrongs,” he noted.

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