Gov’t forms Cedi-Arresting Committee -As Dr. Bawumia’s Failure goes on full display

The Akufo Addo administration has formed a special committee to investigate why Ghana’s currency the Cedi has kept depreciating against all major currencies constantly.
The committee known as the Foreign Exchange Development Committee, was formed after an order from President Akufo-Addo to Finance Minister Ken Ofori Atta to formulate to probe the root cause of the cedi’s depreciation.
Critics have concluded that the desperate situation necessitating the committee’s formation has exposed the double standards of the Akufo Addo administration when Dr. Bawumia made the popular statement that “If the fundamentals are weak, the exchange rate will expose you”.
Dr. Bawumai made the popular statement prior to the 2016 election when he was taking a jab at what he described as the economic mismanagement of the erstwhile administration of President John Dramani Mahama
Also, immediately after the Akufo Addo-led New Patriotic Party (NPP) assumed power in 2017, both the President and his Vice President mounted several podiums to promise the country that the administration was certainly going to “arrest” the cedis, saying they will do that through strict economic management and not through the option of Christian prayers from Archbishop Nicholas Duncan Williams-an option that late President John Evans Atta Mills took.
When confronted with the possibility that his administration may have failed in its cedi-arresting quest, Vice President Bawumia propounded a curious excuse that has left critics scratching their heads.
While at the Economic Management Team’s town hall meeting at the College of Physicians and Surgeons in Accra, early 2019, Dr. Bawumia explained “… is warped logic to jump from that to a conclusion that if there is depreciation in your currency then the fundamentals must be weak. It is a very warped logic. If the fundamentals are weak, the exchange rate will expose you but if the exchange rate moves, you cannot jump to that conclusion that the fundamentals are weak. That defies logic. There could be other external factors causing the exchange rate depreciation.”
However, in the same statement, he insisted that a weak cedi is a sign of weak fundamentals “You will recall that I stated in 2014 that if the fundamentals are weak the exchange rate will expose you. That was true then and it is true now. It is 100% correct. So if the fundamentals are weak the exchange rate will expose.” Critics have expressed difficulty reconciling Dr. Bawumia’s excuse.
The Foreign Exchange Development Committee to “arrest” the cedi consists of well-known faces like Franklin Cudjoe of IMANI, Yoofi Grant of GIPC, Finance Ministry, Agric Ministry, Bank of Ghana, Ghana Union of Traders Association (GUTA), among others.