Vice President John Dramani Mahama has attributed the fall of the Ghana Cedi to the excess liquidity of money in the country. In an exclusive interview with Pravda Business, Mr. Mahama explains that excess liquidity of money was as a result of the Single Spine Salary Structure (SSSS) and there by shooting the wage bill.
He says the government was bent on settling the areas of the wage bill in two years as they were migrating workers on the Single Spine Salary Structure.
Vice President Mahama also related the fall of the Cedi to the seasonal pressure on the dollar. He made reference to the fact that most people hold on to the dollar during political seasons due to fear of political troubles.
He also stated that the economic advisory council and the economic management team met and came up with some advice to the government. In solving this issue, the government channeled the advice to the Bank of Ghana which is working in collaboration with other managing directors of banks in the country to stabilize the economy.
He assured Ghanians that the rate of inflation is under control.