'Order your appointees to release foreign exchange stashed in their homes' – Minority to Akufo-Addo

The Minority in Parliament has urged the government to address the subject of the continuous depreciation of the local currency against major trading currencies.

In recent months, the value of the Ghana cedi has weakened, particularly against the US dollar, reaching historic lows.

According to the international news portal Bloomberg, the currency has declined by 14% this year.

At major forex bureaus in the country, the Ghana cedi is selling at GH¢14.90 to $1 as of May 15, significantly impacting the cost of living and prices of goods and services.

In light of this, Dr. Cassiel Ato Forson, leader of the Minority Caucus in Parliament, has accused the government of compounding the woes of businesses and traders due to bad policies.

Speaking to the media on May 15, 2024, Dr. Ato Forson also mentioned several reasons for the depreciation of the Ghana cedi after checks were made at the commercial banks, forex bureaus and businesses as follows:

a. The recent implementation of a strange policy on mixed cash reserve ratios by the Bank of Ghana.

b. Increased unbudgeted fiscal spending fueling demand for foreign exchange.

c. Lack of confidence in the banking sector leading to currency substitution.

d. Lower cocoa production resulting in the lowest exports in two decades due to mismanagement of the sector.

e. Uncontrolled corruption in the Akufo-Addo/Bawumia government.

The Minority in Parliament has also called on the governing Akufo-Addo government to instruct its appointees to "release the foreign exchange (FX) stashed in their homes."

They also called the government to adhere to fiscal consolidation, curtail excessive spending, and address the ongoing issues in the cocoa sector.

MA/AE

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