One of the obsessions of the NDC government is to present a face of ‘a better performer’ in the the management of the economy.
They are therefore ready to experiment with whatever means to achieve this goal regardless of its eventual long term negativities.
Their incessant condemnation of the previous government’s management of the economy refers.
The bitter pill which the former government swallowed to get us where we are today vis a vis a well stocked gold reserve is hardly referred to.
Of course there is good reason for the obsession…following their opposition days attacks on the NPP government they must pull all strings to be rated high by the ordinary Ghanaian.
After all the measurement of economic performance not being something simple and beyond the ordinary person’s ken engaging in inappropriate activities to get such a picture for them is fair deal.
Following the International Monetary Fund (IMF) caution to government to desist from the act we would have thought that the measure would be stopped as government promised they would.
Not so…it came out last week that government has pumped $10 billion from January to the first week of December to stabilize the Cedi intervention putting on hold the laws of demand and supply in determining the real strength of the national currency.
The real strength of the national currency cannot be determined through cosmetic interventions.
The propaganda-driven applause from the temporary seeming gains is all but short-lived.
We dread the outcome especially since it would have negative impact upon the economy in the long run…besides the doping is unsustainable.
We have taken notice of official explanations about the intervention through a nomenclature pointer…Dollar intervention and not Cedi Defender…among others.
The explanation further points out that the intervention or Cedi doping is part of a broader strategy to shore the national currency.
The Cedi doping programme is being supported by the windfall from the Domestic Gold Purchasing Programme which former Vice President Dr. Mahamudu Bawumia initiated.
Our international reserves which stood at $9.1 bn in 2024 has shot to $11.4bn.
While we have taken notice of the occasional acknowledgement of the contribution of the Domestic Gold Purchasing Programme by some officials we have also taken note of the useless negative comments by political cynics whose quest for relevance drives them into making uninformed commentaries.
Only time will tell what the current doping of the national currency will be.
