Fix depreciating Cedi and stop dancing off-beat – Ato Forson to Bawumia

The Minority 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 now trading at GH₵15 against a dollar, has led to traders passing on the increased costs to consumers.

This has resulted in a noticeable surge in the prices of goods and services across various commercial districts such as Okaishie, Abossey Okai, and Kejetia.

Addressing journalists in Parliament on Wednesday, May 15, 2024, the Minority Leader Dr. Cassiel Ato Forson criticised the Chairman of Economic Management Team, Dr. Bawumia, for what he perceives as a failure to address the currency’s depreciation effectively.

Dr. Ato Forson emphasised the adverse impact of the Cedi’s decline on businesses, stressing the need for urgent action to stabilize the situation.

The former Deputy Finance Minister urged all well-meaning Ghanaians to hold Dr. Bawumia accountable for his performance as the head of the Economic Management Team.

He argued that Dr. Bawumia’s administration has fallen short in managing the economic challenges, particularly regarding 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 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.

Many traders have been forced to adjust their prices upwards to offset the increased exchange rates, further burdening consumers already grappling with economic challenges.