Kennedy Agyapong, the member of parliament for Assin Central, has requested that the Bank of Ghana inform Ghanaians of its short- and long-term economic plans.
He claims that the cause for the continuous devaluation of the cedi against the dollar is a lack of faith in the economy.
He pointed out that the nation’s financial managers must effectively convey the efforts they are doing to revive the economy in order to foster that confidence.
Speaking on Dowona TV on October 26, 2022, Kennedy Agyapong said “as a government, we have to do something to build the confidence of Ghanaians, we are pleading with the Governor to come out and tell us its monetary policies which are short-term policies. With what is going on, we need confidence from the government to say look take your time, this is how we are going to solve the problem, it will take a while but please don’t panic.”
He further bemoaned the fact that the government does not seem to be communicating with Ghanaians on its steps to save the economy from the current economic hardships.
The Assin Central MP noted that this is the time to be innovative and find new ways to do business.
“Somebody has to speak to Ghanaians, but nobody seems to be talking. That is the biggest challenge that is making the cedi fall further. Situations like this are what bring about innovations and new ways of doing business and where we are today shows us that we have to be innovative and change our old styles,” he added.
Ghana’s current economic crisis has been characterized by an increasing fall of the cedi against the dollar amid the high cost of goods and services.
Business owners have lamented the constant depreciation of the cedi and its effects on their working capital.