Cedi Hunters Committee Sidelines Bawumia -In Ken Ofori-Atta’s alleged backstabbing Presidential ambition

Some members of the ruling party are disgruntled about the new Foreign Exchange Development Committee set up by Finance Minister Ken Ofori-Atta to “arrest the cedi” because they suspect the committee is usurping the powers of Vice President Bawumia and the Economic Management team, Whatsup News has gathered.
 
Insiders say even though an officer from the Vice President’s office is a member of the committee (FX Committee), Dr. Mahamudu Bawumia was not aware of the full details and modus operandi of the committee.
 
This is despite the fact that Vice President Bawumia is already chairing the Economic Management Team (EMT) which has been working with the Bank of Ghana to tackle the headache caused by the rapidly depreciating Ghana cedis.
 
 
The Committee which was has members drawn from, Bank of Ghana, Ministry of Agric, Ghana Union of Traders Association (GUTA), Association of Ghana Industries, some universal banks, IMANI Ghana, etc is chaired by Ken Ofori-Atta.
 
Mr. Ofori-Atta is reportedly nursing a presidential ambition for immediately after his cousin, President Akufo serves all his terms. There are rife speculations within the corridors of power that Mr. Ofori-Atta’s move with the FX committee is the latest of several seemingly innocuous strategies to usurp the powers of the Vice President.
 
 
During the inauguration of the controversial committee, the Deputy Finance Minister, Charles Adu-Boahen sought to explain away the perception that the FX Committee was usurping powers from others.
 
“The formation of this committee is not to infringe on the independence of the central bank in its foreign exchange operations,” he said, even though the impression has always been created by the Akufo Addo administration that the EMT has always had as its top priority the stabilisation of the local currency.
 
The EMT comprise the Vice President who was a former Deputy Governor at the Bank of Ghana, and three former Finance Ministers and deputies: Yaw Osafo Marfo, Dr. Anthony Akoto Osei, Professor Gyan Baffour, etc.
According to available statistics, the EMT may have failed their task because within three years, the Akufo-Addo government has added over GHS90 billion to Ghana’s debt stock. Out of this figure over GHC 15.3 billion was as a result of the devalued local currency.