The minority leader in Parliament, Haruna Iddrisu, has said there is nothing to celebrate following the cedi appreciation.
According to him, the Ghana cedis was Ghc4.2 at the time the NPP assumed office; therefore, the Finance Minister, Ken Ofori-Atta, should not expect to be honoured over the exchange rate.
Speaking in an interview with a journalist in parliament, the minority leader said;
“So, for the Minister for Finance to be dancing and saying that praise me because I have brought improvement in the exchange rate of the cedi, which was falling with some epileptics, he should ask himself at what level did he inherit the cedi against the dollar? It was 4.2 cedi to a dollar at 12.5 there is nothing to celebrate and nothing to honor him for.”
Reacting to the IMF reaching a staff-level agreement with Ghana on a $3 billion ECF, he said the agreement means nothing as Ghanaians continue to experience a worsening high cost of living.
“I see them dancing and celebrating to it prematurely; our debt is still not sustainable; the debt exchange of the minister may probably fail as many are refusing to sign onto it, and the content of the external bonds are still unknown. They are running out of time to announce haircuts associated with external bonds,” he told a journalist.
The International Monetary Fund and the Government of Ghana have reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.
A statement released on the Fund’s website said the IMF Mission Chief for Ghana, led by Stéphane Roudet, noted that “I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion.”
“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.”
The statement also noted that the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.