Minority opens fire on Gov’t, BoG over economic hardship

The Minority Leader has attributed Ghana is witnessing “hyperinflation of 54%+”, to the fact that the Bank of Ghana (BoG) has unlawfully printed about GH₵ 50 billion in the year 2022 alone and this he said, has resulted in the depletion of the International Reserves to about two weeks of import cover.

Cassiel Ato Forson on his first public statement on the floor of Parliament at the first sitting of the first meeting of Parliament in the third session of the eight parliament of the fourth republic of Ghana on Tuesday, 7th February,2023 alleged that, “the Governor of Bank of Ghana continues to breach section 30(2) and 30(7) of BoG (Amendment) Act, 2016 (Act 918)”.

He said, inflation is currently at 54%+ and counting, monetary policy rate is at 28% and counting, the Ghana cedi has depreciated over 20% in January alone and counting, unemployment is at its record high and counting, lending rate is currently about
40% and counting.

“All these underserving negative economic outcomes could have been avoided if the current managers had paid heed to calls by the minority and the NDC for timely economic reforms”, he mentioned.

According to him, it is self-inflicted out of incompetence and less to do with Covid or Ukraine war.

“Yesterday, our minister of finance informed the nation that Ghana needs IMF bailout by March 2023 else our economy will crash”, he stressed that, It is interesting to note that this is the same finance minister who recently said that “I can tell you we are not going back to the IMF, whatever we do, we are not going back. The consequences are dire, we are a proud nation, we have the resources, we have the capacity, don’t let anybody tell you otherwise. We are not people of short-sight, we need to move on me.”

Cassiel Ato Forson said, the people of Ghana look up to them to mount a barrier between them and the worsening standard of governance especially because of the hung nature of this Parliament.

“This demands the highest levels of scrutiny of government policies and activities to prevent the infliction of more damage and pain on an already weary and over-burdened populace”.

“It is unclear, based on the history of the Majority side in this house in this 8th Parliament, whether they are motivated like we are to put the brakes on the very poor governance under President Akufo-Addo and Alhaji Bawumia. I can say with all the confidence I can muster, that we on the Minority side mean business and we are up to the task. We are simply unwilling to countenance any more bad governance and we will insist on the highest levels of performance from all government officials and institutions over
whom this Parliament has oversight and jurisdiction” Cassiel Ato Forson said.

Source: gbcghanaonline.com