Politics

Fix depreciating Cedi and stop dancing off-beat – Ato Forson ‘fires’ Bawumia

The Minority in Parliament has voiced worry over the Ghana Cedi’s continued problems and issued a warning that things will probably get worse.

They emphasized that dealers have passed on the higher costs to customers as a result of the local currency’s current exchange rate of GH₵15 to the US dollar.

As a result, prices for products and services have noticeably increased in a number of commercial districts, including Okaishie, Abossey Okai, and Kejetia.

On Wednesday, May 15, 2024, the Minority Leader, Dr. Cassiel Ato Forson, addressed reporters in Parliament and chastised Dr. Bawumia, the Chairman of the Economic Management Team, for what he considered to be an ineffective response to the depreciation of the currency.

Dr. Ato Forson emphasized that businesses are negatively impacted by the Cedi’s drop and that immediate action is required to stabilize the situation.

Fix depreciating Cedi and stop dancing off-beat – Ato Forson ‘fires’ Bawumia

All well-meaning Ghanaians were urged by the former Deputy Finance Minister to hold Dr. Bawumia responsible for his actions as the leader of the Economic Management Team.

He maintained that the administration of Dr. Bawumia has not done a good job of handling the economic issues, especially with relation to the stability of the Cedi.

“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 in 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.

The Minority’s comments coincide with rising consumer and trader anxiety over the Cedi’s ongoing decline and its impact on living expenses.

In order to counteract the higher exchange rates, many traders were compelled to raise their prices, which put additional strain on already struggling consumers.

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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