Ghana’s Increased International Reserves Due to Prudential Policies of Previous Government: Ex-Finance Minister

(3 Minutes Read)  

Dr Amin Adam attributed the John Dramani Mahama administration and the Bank of Ghana’s ability to intervene in the market to the inherited reserves. He stressed that the stability of the exchange rate was not a result of new policies introduced by the Mahama government but rather the reserves inherited from the Akufo-Addo administration.

Former Finance Minister of Ghana, Dr Mohammed Amin Adam, has credited the Nana Adding Dankwa Akufo-Addo administration’s substantial international reserves for Ghana’s current exchange rate stability.

He said the US$8.9 billion gross international reserves left by the previous government had played a crucial role in maintaining the stability of the Ghanaian cedi. He said that the current disparity between inflation and the rate of depreciation is evidence of heavy central bank intervention in the market.

Read Also:

http://trendsnafrica.com/ghanas-labor-productivity-improves/

Dr Amin Adam attributed the John Dramani Mahama administration and the Bank of Ghana’s ability to intervene in the market to the inherited reserves.He stressed that the stability of the exchange rate was not a result of new policies introduced by the Mahama government, but rather the reserves inherited from the Akufo-Addo administration.