The Minority in Parliament has asked Vice President Dr Mahamudu Bawumia to resign as the head of the Economic Management team.
They have also called on President Akufo Addo to “dissolve the economic management team because they have not lived up to expectation...their performance has been abysmal”.
The Minority expressed these sentiments at a press conference held on Friday.
Precarious Economic Situation
There appears to be no end in sight to the precarious economic situation in the country at the moment.
The Ghanaian economy is presently facing a serious crisis brought on to a large extent by COVID-19 and recent geopolitical developments. A domestic policy credibility deficit, arising in part from the budget stalemate in Parliament over the Electronic Transaction Levy and a rising debt level, has compounded the crisis.
Subsequently, the crisis has led to the downgrading of Ghana by credit rating agencies, which has restricted access to international bond markets, increased borrowing costs and fuelled disinvestments from the money and capital markets, causing a sharp depreciation in the cedi.
Again, rising commodity prices across the world have also fuelled domestic inflation.
Fuel Rise & Cedi Fall
This year, fuel prices have been adjusted upwards three times and it is only the third month since the year begun.
On Wednesday, March 16 2022, the Institute of Energy Security reported a possible and imminent 5% increment in fuel prices.
Exacerbating the problem is how the Ghana Cedi has been left chasing the shadows of some major foreign trading currencies after falling into an unprecedented depreciation against particularly the United States dollar.
Analysis of the relevant data shows it has seen its worst performance in the past seven years.
The situation of the dollar also makes it difficult not only for Ghana’s import dependent economy to thrive, but the country’s debt levels will continue to soar as it will need more dollars to settle them.
Bawumia Comatose
Addressing the media, John Jinapor, Member of Parliament for Yapei-Kusawgu, questioned the ‘loud silence’ of the Vice-President, most especially on economic issues saying “he has gone comatose; he is nowhere to be found.”
"Indeed the failure of this govt is legendary, the failure of this government is unprecedented...we believe that something must be done," he added.
Options
Proferring solutions to what can be done to ameliorate the situation and keep the currency stable, the Minority believes pragmatic steps must be taken to "cushion Ghanaians", and that according to them, include desisting from "profligate and ostentatious expenditure".
Apart from that government must "take a critical look at the Tema Oil refinery to refine our domestic crude oil".
Ghana’s current public debt stock stands at a staggering ¢341.8 billion with a corresponding debt to GDP ratio of more than 77% as of September ending 2021.
This means if the country should share this amount across the country’s 30.8 million population, everyone will owe approximately ¢11,000.
In terms of interest payments on our borrowings, Ghana has spent on average 147 billion Ghana cedis, which is 47 billion Ghana cedis more than our projected revenue plus grants for 2022.
Source: Peacefmonline.com
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***barred word*** the create loot and share brigade koraa did not change their economic management team, people who do not have an idea as to how to manage an economy by handing over Ghana to IMF a social democrat implementing unbridle IMF conditionality which hurt the poor more. Enkwasifour party ndc
These NDC small boys who achieved nothing for the country when they were in power are disturbing our ears. They only stole our money to enrich themselves. The suggestion to dissolve Economic Management Team is f00.0lish. Will dissolving it solve the problem?
Of course President Mahama will have something to say to the people of Ghana to solve the economic problems. “Go to the IMF”.
Bawumia will beat Mahama easily in 2024. Is Mahama the answer to our so-called economic woes. This is the reason why I can’t get it when the majority of the ndc members are rooting for Mahama. What is Mahama going to say to address the economic situation here in our dear nation. Bawumia is quiet but when he speaks, the ndc resorts to insult, they can’t and have never issued rebuttal based on what Bawumia says. The man Bawumia is preparing to come out very soon I guess and we all know and expect what will happen.
it's slickening when these NDC failures would want everyone to believe Ghana's current challenges are peculiar to Ghana and this current Government What they do not acknowledge is that, the more they do propaganda with current economic hardships which to a large extent is global, the more they expose their weak mindedness..
Characters like this good for nothing NDC rotten egg requires special head attention. Even NDC and Mahama Government abysmal performance did not dissolve their Economic Management team . Look NDC , yours lies will prolong your stay in opposition .The current challenges is a global problem therefore NDC and followers cannot stand on that for victory. NDC will have shock of their life come 2024.
YOU ARE SICKK IN THE HEAD!