Focus on fixing cedi depreciation not new loans — Ato Forson to govt

Dr. Cassiel Ato Forson, the Minority Leader, has sharply criticized President Akufo-Addo for the urgent recall of parliament from recess by the Majority Caucus on Friday, May 17.

He argued that the recall of Parliament to approve a $150 million loan from the World Bank was not a genuine reason for the recall.

In his address at the parliamentary sitting, Dr. Forson, a former Deputy Finance Minister, contended that the approval of the loan was unnecessary. He highlighted that the government had already misused funds from the first loan previously approved.

Dr. Forson emphasized that the primary concern for the Akufo-Addo administration should be the alarming depreciation of the Ghanaian Cedi. He pointed out that the rapid decline in the value of the local currency is causing severe economic challenges, including business collapses and rising unemployment.

The Minority Leader expressed concern that the continuous devaluation of the Cedi is driving up the cost of goods and services, putting immense pressure on ordinary Ghanaians and worsening their living conditions. He urged the government to focus on stabilizing the Cedi rather than seeking additional loans.

Dr. Forson urged a shift in focus from borrowing to implementing policies that would strengthen the local currency and support sustainable economic growth.

“How is the approval of a $150 million loan an urgent issue when $200 million for phase one approved by this House has been misapplied and not accounted for? How is it an urgent matter for Parliament to be summoned from recess to approve a $150 million loan agreement at a time when this government is granting questionable $450 million tax waivers?” he questioned.

“Rt. Hon. Speaker, the urgent matter facing the people of Ghana, particularly businesses, traders, and households, is the free fall of the Cedi. This is a matter that concerns everyone. The depreciation of the Cedi should be an urgent issue for all of us,” he asserted.