Video: Mahama, A plus criticises gov’t’s ‘ambush’ introduction of new cedi denominations

Nsemgh.com

The 2020 flagbearer of the opposition National Democratic Congress (NDC) has criticised government over the introduction of new cedi denominations into the financial system.

Former President John Mahama believes the move by the Bank of Ghana (BoG) defeats government’s much-touted agenda to transform the economy into a cashless one.

Speaking at the 38th Anniversary celebration of the 31st December Revolution at Winneba on Tuesday, the former President questioned the rationale behind the development.

“You cannot understand what reason in hell would make any government thinking logically do something like that. You want to make it easier for people to carry huge sums of cash when we say we are building a cashless society,” Mr Mahama said.

The central bank in November 2019, introduced ¢100, ¢200 notes as well as a ¢2 coin as part of the country’s denominations, a development it believes will ensure customer convenience, reduce high transaction and printing cost as well as currency management.

Government last week announced its readiness to soon swap the cedi for the new single ECOWAS common currency, the Eco when trading within the ECOWAS region.

Ghana believes the adoption of a single currency market will help remove trade and monetary barriers, reduce transaction costs, boost economic activities and also raise living standards.

But, the former President says the timing of the rollout of the new notes opens itself up for more questions.

Mr Mahama decried the lack of sensitisation for the concerns of the public, describing the mode of implementation as an ambush.

“Even the system for introducing new notes was not gone through. The public was ambushed. One day we just got up and they said they are introducing new notes. No public sensitisation, the banks received no notification…Somebody takes it to a shop and they say we don’t know about these notes,” the said.

“Is it because somebody just prints the notes so that he gets his kickback or agent fees or something. Because otherwise, it doesn’t make logical sense”, Mr Mahama added.

Meanwhile, the Founder of The People’s Project (TPP), Kwame Asare Obeng, popularly known as A Plus, has lambasted government over what he describes as a complete waste of the tax payer’s money and time.

Reacting to news about government’s readiness to accept a single currency for all ECOWAS countries, he quizzed why the ruling party saw the need to introduce new currencies into the system if they knew they would eventually drop it for the ECO.

He was even more awed by the fact that government took the decision particularly after they have pledged to improve the lives of Ghanaians.

“Government says by 2020, we will be using the ECO currency. 8 countries will be using that currency. You knew you would eventually agree to this but you went to print 100 and 200 cedis, burdening the country’s economy and yet they are able to say ‘there is no money in the system, when you know it is very expensive to print money.”

He further bemoaned the inconsiderate attitude of politicians, especially of the citizenry who devoted their time to voting and making them who they are today.

“They are the reason people say there is no God, does it make any sense? You say there is no money in the system and yet see what you do. A pregnant woman will stand in a queue to vote for you and after you think of getting bullet-proof curtains for parliament, if this is not wickedness, what is it?
…they are not thinking about the next generation, they are only thinking about how they can win the elections and people must rise up against this.”

The solution, in his opinion, is to consider an alternative outside the two big parties when voting in the 2020 polls.

“The only time Ghana will move on is if we rise up against NPP and NDC. Is Ghana for the NDC and NPP?”