25.1 C
Sunday, May 26, 2024
Business"Instruct your appointees to release FX kept in their homes" - Ato...


“Instruct your appointees to release FX kept in their homes” – Ato Forson tells Akufo-Addo


In a statement, Minority Leader Dr. Cassiel Ato Forson called upon President Nana Akufo-Addo to promptly instruct his appointees to release any hoarded foreign exchange.

Dr. Forson stressed the urgency of this directive to address the challenges of the depreciating Ghanaian Cedi.

- Advertisement -

During a press conference held on Wednesday, May 15, Dr. Ato Forson reiterated his belief that these appointees have deliberately withheld foreign exchange for personal gain. He emphasized the negative impact of such actions on the Ghanaian economy.

Accusing government appointees of prioritizing their own interests over the nation’s economic well-being, Dr. Forson emphasized the need for immediate action from President Akufo-Addo to prevent further harm to the currency.

- Advertisement -

The Minority Leader highlighted the growing concerns over the depreciation of the Ghanaian Cedi, emphasizing the necessity for decisive measures to stabilize the currency and protect the economy.

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

- Advertisement -

Dr Ato Forson went on to criticize the government’s choice to settle contractor payments that were not included in its budgeted allocations by borrowing GH¢7 billion from the market for treasury bills.

The Minority Leader claims that this move exacerbates the depreciation of the Cedi relative to the dollar and establishes a concerning precedent of going above budgetary restrictions for political reasons.

“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.”

Latest stories

I date intelligence and funny men – Tems

Grammy-winning Nigerian singer Temilade Openiyi has shared that she...

Ghanaian jailed 48 months in US for involvement in $3.8m romance scam

A Ghanaian national, Emmanuel Quamey, has been sentenced to...

Rooney given Plymouth Argyle head coach role

Plymouth Argyle, a Championship side, has appointed former England...

Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

During the Ministry of Finance's monthly briefing on Friday,...

Related stories

Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

During the Ministry of Finance's monthly briefing on Friday,...

Govt and Tullow Oil approve US$90million emissions reduction deal

Tullow Oil plc has unveiled a financial commitment of...

Cedi has experienced a 14.2% depreciation in 2024 – Amin Adam

Finance Minister, Dr. Mohammed Amin Adam has indicated that...

Cedi will be stable in medium-term after completion of DDEP – Finance minister

Finance Minister Dr. Mohammed Amin Adam has noted that...

Ghana’s Energy Transition Framework aims for net-zero emissions by 2070 – Deputy Energy Minister

Deputy Energy Minister, Collins Adomako-Mensah has unveiled an ambitious...

Govt commits GHS2.3bn to NIB restructuring and recapitalization

The government has approved GH¢2.3 billion for the restructuring...

Govt set to introduce SME training initiatives – Finance minister

The government has announced plans to enhance support for...


Please enter your comment!
Please enter your name here