Ranking Member on the Finance Committee of Parliament, Isaac Adongo, has responded emphatically to criticisms from Finance Minister Dr. Amin Adam regarding his recent comments on the dollar exchange rate.
Adongo clarified that his advice to businesses regarding purchasing dollars was aimed at providing truthful information to Ghanaians.
Dr. Amin Adam had previously criticized Adongo during a joint press conference with officials from the Bank of Ghana and the IMF.
The Finance Minister expressed concerns over speculative actions affecting the stability of the cedi and cautioned against actions that could exacerbate currency challenges.
In a counter-statement, Adongo disputed the characterization of his advice as speculative, asserting that his remarks were grounded in factual observations.
He defended his stance during an interview with Citi FM, reiterating that he does not engage in speculation but rather offers honest and accurate information.
“What did I say that is not true?” Adongo questioned, pointing out the fluctuation in the dollar exchange rate following recent economic measures. He emphasized that his advice aimed to guide businesses in making informed decisions amid economic uncertainties.
“So, if you needed dollars to do your business, by all means, you should go ahead and buy them. How is that unpatriotic?” Adongo challenged, highlighting the practical considerations for businesses in managing their financial operations.
Adongo further pressed the Finance Minister with a rhetorical question: “Will you give businessmen additional money to buy dollar when the rate increases?”
He underscored the practical impact of exchange rate fluctuations on business operations and questioned the adequacy of governmental measures in supporting businesses amidst economic challenges.