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‘Market does not trust what govt says it has done or intends to do’ - Senyo Hosi tells Akufo-Addo

Senyo Hosi1212121211322 Chief Executive Officer of the Ghana Chamber of Bulk Oil Distribution, Senyo Hosi

Wed, 23 Nov 2022 Source: www.ghanaweb.com

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distribution, Senyo Hosi, has averred that investors have lost trust in the Akufo-Addo government concerning the management of the local economy.

According to him, the value of the country’s Euro bonds and local currency, the cedi, have been devalued by over 60% in barely a year.

This, he said, has led to no confidence in government policy and credibility on both local and international financial markets.

In an open letter sighted by GhanaWeb Business, Senyo Hosi said, “Mr. President, the value of our Euro bonds, for example, has fallen by over 60% in barely a year and same can be said of the value of our Cedi. Respectfully, this sudden drop for any financial market is catastrophic. It is inspired by a loss of confidence in government policy and information credibility on the local and international financial markets.”

“In simple terms, the market does not trust what government says it has done or intends to do. We have simply lost fiscal credibility and it is tied to the political frame of the leadership of the financial sector,” he added.

The Chief Executive Officer of Ghana Chamber of Bulk Oil Distribution pointed out that the market wants Finance Minister, Ken Ofori-Atta, sacked for mismanaging the local economy.

He explained that businesses hold Ofori-Atta responsible for failing to hold the fiscal line and marshal the discipline required for the country’s debt sustainability.

“It is time for patriotic leadership. With fiscal credibility lost, the market does not just need an IMF. It needs credible fiscal leadership even more. Your appointment of the next Finance Minister must be purely hinged on competence and financial market credibility. Having said this, the out-and-out politician in your party and overt party sympathizer will not inspire the credibility the market seeks. To be blunt, none of your current MPs and Ministers can offer what this market needs,” he said.

Read Senyo Hosi’s open letter to Akufo-Addo below;



ESA/BOG

Source: www.ghanaweb.com
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