FX committee did its best but cedi worthless against dollar – Franklin Cudjoe

President of Imani Africa, Franklin Cudjoe, has said the FX Committee set up by government to help tackle the depreciation of the Cedi did its best to advise government on the local currency notwithstanding, the Cedi has become the most worthless against the US Dollar.

In a social media post, Mr Cudjoe noted that the FX Committee tried to prevent the Cedi from becoming the most worthless against the US Dollar, adding that the government should have just dealt with the problem of the Cedi depreciation rather than set up a committee on it.

“The Ghanaian currency, the Cedi is officially the most worthless against the $. My Cedi Committee did its best to advice against this eventually. Alas, when you see a snake, just kill it. No need setting up a Committee on snakes,” Mr Cudjoe revealed.

Government in 2020 set up an FX Committee made to advise it on how to stem the depreciation of the Cedi, particularly against the US Dollar.

The establishment of the committee, named the FX Developments Committee, is in fulfilment of a promise made by the ministry to constitute a bi-partisan committee to look into the problem and help address it.

Inaugurating the committee, Deputy Finance Minister, Charles Adu Boahen said the committee will work to complement the efforts of the Bank of Ghana in curtailing the usual poor performance of the cedi against other major foreign currencies.

“The formation of this committee is not to infringe on the independence of the central bank in its foreign exchange operations,” he said.

The admission of failure by Franklin Cudjoe, who controversially accepted to be a member of the Committee, puts paid to claims that the committee has not had any impact on the value of the Cedi.