Economic Advisor and Spokesperson for the Office of the Vice President, Dr. Gideon Boako, has justified the seeming silence of the Vice President, Dr. Mahamudu Bawumia on the state of the economy till Thursday 7th April, 2022.
According to him, this was to avoid making a whole lot of noise at a time when the government was expected to be finding a solution to the economic crisis that was threatening the Ghanaian economy.
He explained that the noise from political actors at such a crucial time could have signaled to the international exchange rate market would have caused panic and heightened uncertainties about the economy leading to a further downward spiral of the cedi.
Speaking on JoyNews’ PM Express Business Edition, Dr. Boako said, “The thing is the exchange rate market doesn’t want noise. So if you are an economist and you’re managing an economy and there seems to be some level of turbulence in the exchange rate market, you don’t hurry to create noise in the system.
“Because, mind you, the whole exchange rate exposures somehow thrive on noise and the responses to impulses. So you’ll have to be careful that if you are a leader, especially if you are the Chairman of the Economic Management team and you see your cedi, your currency tumbling in a way, you need to sit back, do the proper diagnosis, identify where the cause is and see how you’ll deal with that.”
He added that “What Ghanaians were looking for is solution. So you need to sit in the boardroom, brainstorm, and then put out measures that will address the situation. It is not a matter of coming out to speak and making noise and in that act you make mistakes.”
According to Dr. Boako, the government’s decision to talk less and act more has proven rewarding and it expects that the economy rebounds soon enough.
“What this government decided to do in the midst of the challenges that we saw quite though ephemeral we decided to sit back, identify the problem, proffer the solution, and then talk less and let it happen and then you can talk about it.
“We saw the effect and the impact on the exchange rate market, the rates that were seen at 8.7, 8.8 quickly dropped and now we are around 7. something. That is not the best that we want though but you see some level of calmness restored to the exchange rate market,” he said.
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