The Minority Leadership in Parliament has expressed concern over the ongoing challenges facing the Ghana Cedi, warning that the situation is likely to deteriorate further.
They highlighted that the local currency has now reached GH₵15 against the US dollar, leading traders to pass on the increased costs to innocent consumers.
This has resulted in a noticeable surge in the prices of goods and services across various commercial districts such as Makola, Kantamanto, Okaishie, Abossey Okai, and Kejetia.
Speaking to journalists in Parliament in Accra, Minority Leader Dr. Cassiel Ato Forson criticized the Economic Management Team Chairman, Dr. Bawumia, for what he describes as a failure to address the currency’s depreciation effectively.
Dr. Ato Forson emphasized the adverse impact of the Cedi’s decline on businesses, stressing the need for urgent action to stabilize the situation.
“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”, he said.
Dr. Ato Forson further stated that, “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,”.
The Minority’s remarks come amidst growing concerns among traders and consumers regarding the continuous depreciation of the Cedi and its ripple effects on the cost of living.
The former Deputy Finance Minister therefore urged all well-meaning Ghanaians to hold Dr. Bawumia accountable for his performance as the head of the Economic Management Team.
