Minority Leader, Dr Cassiel Ato Forson, has called on President Akufo-Addo to promptly instruct his appointees who have hoarded foreign exchange to release them.
He emphasised the urgency of this directive to mitigate the depreciation challenges faced by the Ghanaian cedi.
Addressing the media during a press conference held on Wednesday, May 15, the Member of Parliament for Ajumako-Enyan-Essiam reiterated his stance that these appointees have intentionally stored foreign exchange for their personal gain.
MinorityLeader.CediDepreciation24 (1)He emphasised the detrimental impact of such actions on the Ghanaian economy.
Dr Ato Forson accused government appointees of prioritising their individual interests over the well-being of the Ghanaian economy.
He stressed the importance of immediate action from President Akufo-Addo to prevent further harm to the country’s currency.
According to the Minority Leader, his remarks underscore the growing concern over the depreciation of the Ghanaian cedi and highlight the need for decisive measures to stabilise the currency and safeguard the economy.
“We call on the Akufo-Addo government to among others order his appointees to release the FX stashed in their homes,” he said.
Dr Ato Forson further criticised the government’s decision to borrow GH¢7 billion from the treasury bills market to settle contractor payments that were not accounted for in its budgetary allocations.
According to the Minority Leader, this action sets a worrisome precedent of exceeding budgetary limits for political motives, exacerbating the depreciation of the cedi against the dollar.
“They are on an expenditure spree, spending money as if there is no tomorrow. In the last few days, we are aware that they have paid approximately GH¢7 billion to contractors, off-budget contractors, off-budget expenditures, GH¢7 billion.”
“They borrowed from the T-Bill market, so they borrowed the money from ordinary Ghanaians then they paid this money to these contractors, and the contractors are also not certain so they have engaged in currency substitution.”
“The contractors got cedis and went and changed it into US dollars and kept the money because of a lack of confidence in the economy.”
Source: myjoyonline.com
