Fiifi Kwetey, a former Deputy Finance Minister under the Mahama administration has stated that, the current appreciation of the Ghana cedi against the US dollars will not last.

Mr Kwetey who is a Member of Parliament for Ketu South constituency said that, pumping the country's capital into the economy will not resolve the challenges looking at the economic fundamentals responsible for the currency’s depreciation.

He stated while speaking on the floor of Parliament on Wednesday March 20 that in 2018, the government adopted such a means when the dollar started selling at GHc 4.7 and the method did not work.

“This temporary injection that has taken place is basically going to have the same effect [as last year]. They did that, thinking that somehow that is going to lure the people into a certain sense of security but that security will be short-lived” he said.

He he added, “it is like you are suffering from a serious ailment and then you are given pain reliever and over the period, the problem seems to have gone, but the problem is still there. If around September, it was pushing towards GHc5 and as a result of the coming in of the cocoa receipts, it stayed around GHc4.7, what happened? Within no time, it went beyond the GHc5 and now pushing towards GHc6 in spite of the injection that happened last year”.

In the past week, the dollar against the Ghana cedi appreciated to as high as GHC 5.8 for a dollar

The government intervened by pumping an amount of money into the economy which is to help the cedi improve in about two weeks although it has appreciated within the week.

The Minority in Parliament has already discredited the development although the government has been quick to tout the achievement which it says is an indication of a stronger economy.