Cedi Depreciation: Bawumia Should Have Known His Limit – Prof John Gatsi

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The immediate past Head of Finance Department at the University of Cape Coast, and now the Dean of the School of Business at the University of Cape Coast, Prof. John Gatsi has waded into the controversies surrounding the current cedi depreciation and has opined that the vice president of Ghana, H.E. Alhaji Dr Mahamoud Bawumia should have known his limit.

According to the financial management expert, managing the cedi depreciation is not a responsibility of the Vice president neither is it that of the economic mangement team but a sole responsibility of the nation’s Cetral Bank, Bank of Ghana (BoG).

In a phone interview with Nana Addo on the Susubiribi morning show on Monday, 20th January 2020 on Radio 1 100.7fm, Prof. John Gatsi revealed that the constitution of Ghana mandates BoG to manage the cedi and report to parliament it’s state.

“The point i am making is that when people are put into positions, they should know their limits, what they are supposed to do and what they are not supposed to do. In my opinion, the Economic management is to be receiving inputs from the various mandated institutions and take decisions to evaluate and see which directions to be going.” – Prof John Gatsi revealed.

He added that the vice president in his 100 days in office made it look that the economic management team is incharge of managing the cedi and that accounts to the fact that Ghanaians are blaming him.

“If you make it as if it’s the economic management team that manages the economy on daily basis and you are the chairman and you are the best, when something goes wrong in terms of fiscal management, the forget about the finance ministry and they come at you. when something goes wrong in terms of currency management, they forget about Bank of Ghana and come to you. When something goes wrong in the financial sector, they forget that that is generally under the ministry of finance and they come to you” – Prof. Gatsi added.

He later advised that people should learn a cue from what is happening to Bawumia now.

By: Radio1News|Ghana|Obido Nana Gyasi