Focus on the cedi's depreciation instead of an unnecessary debate – John Jinapor tells Dr. Bawumia

Ranking Member on the Mines and Energy Committee of Parliament, John Jinapor, has criticized the flagbearer of the New Patriotic Party, Dr. Mahamudu Bawumia, for challenging the NDC flagbearer, John Dramani Mahama, to a presidential debate on the economy.

He argues that Dr. Bawumia should instead focus on pressing issues like addressing the cedi’s decline against major trading currencies and rising fuel prices, which have significantly impacted the cost of living.

Speaking with journalists in Accra, the Yapei Kusawgu lawmaker accused the government of implementing poor policies to stabilize the local currency. He specifically mentioned the gold-for-oil policy as one that has only caused financial loss to the state and resulted in further price hikes for petroleum products.

“The managers of the economy have to sit up. Clearly, the Bank of Ghana is losing it. While the Bank of Ghana is spending millions of Cedis and dollars on the gold-for-oil program, the currency is not stabilising.

“The Cedi is depreciating, fuel prices are going up, cost of living is going up, and everybody is suffering. But worst of all, wages and salaries are stagnating. Wages and salaries are not going up. The managers of the economy have lost it," he asserted.

The lawmaker continued, “And I think that Dr. Bawumia, instead of calling for a debate, should rather spend some time concentrating on managing the economy. He should stop the unnecessary call for a debate, do his work as the head of the economic management team, and ensure that we deal with the ever-rising cost of fuel.”

International news portal Bloomberg recently ranked the Ghana Cedi as the fourth-worst performing currency among 150 top currencies tracked globally.

Ghana's local currency has declined in value by 21% against the US Dollar since the beginning of this year.

The record-low performance of the Cedi has been attributed to increased demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imported goods.

MA/NOQ