Hon Peter Yaw Kwakye-Ackah, the Member of Parliament (MP) for Amenfi Central, has voiced strong criticism against the government, asserting that it has taken no substantial steps to stabilize the economy aside from seeking assistance from the International Monetary Fund (IMF).
According to the MP, the government’s strategy appears centered on acquiring loans, expecting praise from Ghanaians without implementing effective measures to address economic challenges.
“Let’s ask ourselves what the government has done during this period to stabilize the Cedi. He said inflation is reducing, but what measures did he put in place to check inflation? Nothing. The economy collapsed. The IMF gave you $600 million to support yourself, so naturally, the Cedi will show improvement,” the MP remarked in an interview with Opemsuo Radio’s Parliamentary Correspondent, Nana Kwaku Boffah on November 15 .
He went on to highlight concerns about the lack of expansion in the economy and production, questioning the government’s actions.
Hon Kwakye-Ackah accused the government of relying on injecting more dollars into the system without focusing on sustainable economic growth. He emphasized the government’s suspension of loan payments and acquiring additional loans.
“Economy hasn’t expanded, production hasn’t expanded, so what have you done? What you have done is to bring in more dollars and we will spend all and when it is finished, we go back to our state. You say that Inflation has dropped but inflation has dropped because you have brought more money because we were totally broke. Right now, it has stabilised. You won’t pay the loans you took.”
“You owe me, you won’t me and you are using the money to help yourself, should we applaud you. Pay my money, go into production. But in this case, you have suspended payments of loans and gone for more loans.”
During the 2024 Budget presentation, Finance Minister Ken Ofori Atta acknowledged the expectation of a stable exchange rate, attributing it to progress in implementing the IMF-supported program, anticipated inflows from various sources, and the Bank of Ghana’s Gold-for-Oil Programme.
The Finance Minister outlined the risks to the external outlook, including geopolitical tensions and commodity price volatility.
“Mr. Speaker, the IMF Executive Board approved Ghana’s 3-year, US$3 billion IMF-supported Post Covid-19 for Economic Growth (PC-PEG) on the 17th May, 2023 after the Government of Ghana secured a staff level agreement on the Programme in December 2022,” he added.
Story by Adwoa Serwaa Danso