Government has denied a press statement claiming Vice President Mahamadu Bawumia was replaced as the chairman of the Economic Management team of the country on Wednesday.

A press statement looking to have come from from the Director of Communications at Jubilee House claimed that President Nana Akufo Addo has stopped his deputy from speaking on matters concerning the dollar as it gallops to the 5 cedis mark.

Bawumia was reported in the statement to have been replaced Senior Minister Yaw Osafo Marfo as the Head of the Economic Management Team as the country struggles to deal with economic issues confronting the country.

However Arhin issued a statement on his Facebook insisting the country's leader will never take a decision to replace the Vice President as head of economics of the country, slamming the purported press statement from his office as ''Fake News''.

"Kindly disregard this false statement. No such decision has been or will be made by the President of the Republic," Arhin said in the statement