Finance Minister-designate, Dr. Cassiel Ato Forson, has called for the elimination of monetary financing as part of efforts to stabilise the economy.

Speaking during his vetting by Parliament’s Appointments Committee on Monday, January 13, he noted the negative role monetary financing has played in driving inflation and the depreciation of the cedi in the past.

According to him, the NDC government has been able to achieve this, assuring that it is possible under the current government and that it cannot be ignored.

“I strongly also believe that monetary finance must be eliminated. We've done it in the past, in 2016 and monetary financing has a role to play in the inflation that we saw in 2016 and the cedi that we saw depreciating to a level that you are talking about.

So we need to work together and find a way to deal with the concern that you've raised, I'm committed to that."

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He also pledged to coordinate effectively with the Bank of Ghana to stabilise the cedi and ensure its sustainability.

Dr. Forson outlined his strategy for managing the country’s currency and addressing Ghana’s debt challenges.

“When approved as Minister, I will work or coordinate effectively with the central bank so that together, we can anchor the currency,” Dr. Forson vowed.

Dr. Forson acknowledged the significant impact of the cedi's depreciation on the economy, noting that "As long as you borrow in foreign currencies, any depreciation of the cedi will directly impact the debt figures," he explained.