|
Getting your Trinity Audio player ready...
|
The Minority in Parliament has raised alarm over the persistent struggles of the Ghana Cedi, cautioning that the situation is poised to worsen further.
They highlighted the concerning trend of the local currency hitting GH₵15 against the dollar, resulting in traders passing on the added expenses to consumers.
This surge in prices has been palpable across various commercial hubs like Okaishie, Abossey Okai, and Kejetia.
During a press briefing in Parliament on Wednesday, Minority Leader Dr. Cassiel Ato Forson took aim at the Chairman of the Economic Management Team, Dr. Bawumia, criticizing what he sees as a lack of effective action to address the currency’s depreciation.
Dr. Ato Forson stressed the negative consequences of the Cedi’s decline on businesses, underlining the urgent need for measures to stabilize the situation.
Also Read: Resolution Reached in Clash Between Port Security and GIS Officials – GPHA
The former Deputy Finance Minister called on all concerned citizens to hold Dr. Bawumia accountable for his performance as the head of the Economic Management Team.
He argued that the administration led by Dr. Bawumia has faltered in managing economic challenges, particularly in ensuring the stability of the Cedi.
“In spite of substantial inflows of foreign exchange from entities like the IMF and the World Bank into the Ghanaian economy, the government’s handling of the Cedi has continued to fuel significant depreciation with no clear end in sight,” Dr. Ato Forson remarked.
“The decisions made by the Economic Management Team, chaired by our Vice President Alhaji Bawumia, have left much to be desired. The current state of the Ghanaian economy exposes the credibility of the so-called economic wizkid who was hailed as the savior of Ghana’s economy. Alhaji Bawumia’s reputation is now in shambles,” he added.
Dr. Ato Forson called on the Vice President to shift his focus from political campaigning to addressing the concerning state of the Cedi. He emphasized the urgency of rectifying the situation, attributing the challenges to what he sees as reckless mismanagement by Dr. Bawumia’s government.
The Minority’s comments come at a time of heightened apprehension among traders and consumers regarding the continuous depreciation of the Cedi and its far-reaching implications on the cost of living.
Many traders have been compelled to adjust their prices upward in response to the escalating exchange rates, further burdening consumers who are already grappling with economic difficulties.
