The Minority in Parliament has called on President Akufo-Addo to order government appointees to release the foreign currencies stashed in their homes; adhere to fiscal consolidation and curtail excessive spending. Speaking at a press conference held in his office in Parliament on Wednesday, Minority Leader, Dr. Cassiel Ato Forson, said there is no hope in sight to address the free fall of the Ghanaian Cedi as the managers of the economy have no clue how. According to him, the depreciation of the Cedi has caused goods to rise in the country which has worsened the already deplorable standards of living of many Ghanaians.

“The steep depreciation of the Cedi has resulted in increase in the prices of goods and services, as several businesses continue to revise prices upwards. This development would further worsen the plight of the already suffering Ghanaian.”, He said

The minority leader also noted some of the reasons attributed to the free fall of the Cedi to include; strange policy on mixed cash reserve ratios recently implemented by Bank of Ghana, increased unbudgeted fiscal spending which is fueling demand for foreign exchange, lack of confidence in the banking sector resulting in currency substitution and an “uncontrolled corruption” in the Akufo-Addo/Bawumia government. He challenged the vice president and flagbearer of the ruling New Patriotic Party, Dr. Mahamudu Bawumia, on his assertions regarding the Cedi’s current performance on the foreign exchange market vis-à-vis how it fared against the US Dollar in 2016.

“How is Alhaji Bawumia able to look Ghanaians in the face and claim that an exchange rate of GHS14.95 to USD1 in 2024 is better than the 2016 year-end’s GHS3.80 to USD1. This is ridiculous and embarrassing!,” “The facts do not bear him out on the fall of the Cedi just as they do not bear him out on other matters, including the payment of nursing trainee allowances.”