The Minority in Parliament has sounded the alarm over the ongoing struggles of the Ghana Cedi, cautioning that the situation could worsen significantly.
Their concern stems from the local currency’s recent climb to GH₵15 against the dollar, prompting traders to transfer the added expenses to consumers.
This surge has noticeably hiked prices across key commercial zones like Okaishie, Abossey Okai, and Kejetia.
Speaking to reporters in Parliament on Wednesday, Minority Leader Dr. Cassiel Ato Forson criticized Economic Management Team Chairman Dr. Bawumia, accusing him of ineffective measures in tackling the Cedi’s depreciation.
Dr. Ato Forson stressed the adverse effects on businesses, emphasizing the urgent need for stability measures.
The former Deputy Finance Minister urged Ghanaians to hold Dr. Bawumia accountable for the Economic Management Team’s performance, citing shortcomings in managing economic challenges, especially the Cedi’s stability.
Dr. Ato Forson’s statements reflect a broader sentiment among traders and consumers, who are grappling with rising costs due to the Cedi’s decline. Many traders have adjusted prices upward to counter the exchange rate pressures, further burdening consumers amidst economic strains.
“In spite of the huge inflows of foreign exchange from the IMF and the World Bank, into the Ghanaian economy, and I’m talking of billions of Ghana cedis, billions of US dollars, the government’s action and its management of the cedi have continued to fuel steep depreciation with no end in sight unfortunately.”
“So far, the decisions of the Economic Management Team, chaired by our Vice President Alhaji Bawumia leaves a lot to be desired. The reality of the Ghanaian economy today exposes the credentials of the so-called economic wizkid who was marketed as the savior of Ghana’s economy. Alhaji Bawumia’s credibility is now tatters.
“I want to use this opportunity to urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing cedi. There’s a lot awaiting our country as a result of reckless mismanagement by Alhaji Bawumia’s government,” he said.