Akufo-Addo must instruct his appointees to release the dollars stashed in their homes – Ato Forson

Minority Leader Dr. Cassiel Ato Forson has urged President Nana Akufo-Addo to promptly direct his appointees who have stockpiled foreign exchange to release them.

During a press conference on Wednesday, May 15, Dr. Ato Forson emphasized the urgency of this directive to address the challenges posed by the depreciation of the Ghanaian Cedi.

The Member of Parliament for Ajumako-Enyan-Essiam reiterated his belief that these appointees have deliberately hoarded foreign exchange for personal gain, highlighting the detrimental impact of such actions on the Ghanaian economy.

Dr. Ato Forson accused government appointees of prioritizing their self-interests over the nation’s economic well-being and stressed the need for immediate action from President Akufo-Addo to prevent further harm to the currency.

“We call on the Akufo-Addo government to among others order his appointees to release the FX stashed in their homes,” he said.

Dr. Ato Forson also criticized the government’s choice to borrow GH¢7 billion from the treasury bills market to cover contractor payments not included in its budgetary allocations.

The Minority Leader expressed concern that this move sets a troubling precedent of surpassing budget limits for political reasons, worsening the Cedi’s depreciation against the dollar.

“They are on an expenditure spree, spending money as if there is no tomorrow. In the last few days, we are aware that they have paid approximately GH¢7 billion to contractors, off-budget contractors, off-budget expenditures, GH¢7 billion.”

“They borrowed from the T-Bill market, so they borrowed the money from ordinary Ghanaians then they paid this money to these contractors, and the contractors are also not certain so they have engaged in currency substitution.”

“The contractors got cedis and went and changed it into US dollars and kept the money because of a lack of confidence in the economy.”