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Pro NPP Pressure group, the Alliance for Accountable Governance (AFAG) is deeply worried about Ghana’s economic crisis and want President Nana Addo Dankwa Akufo-Addo to act quickly to save the country.

The group in a statement copied to Peacefmonline.com indicated that the Finance Minister, Mr Ken Ofori Attah has done little to salvage the situation, hence, the need for him to be ‘fired’ or reassigned.

“Mr President, also critical is the mass belief by Ghanaians that the minister of finance is doing very little to shore up confidence in the market.” A portion of their statement reads.

AFAG also raised concern about the depreciation of the Ghanaian cedis to the American dollar – to them, it's “purely artificial”.

“Mr President, it is our considered opinion that the current speed of the cedi depreciation is borne out of mischief of speculators, and purely artificial.”

Read below the full statement

Mr PRESIDENT SPEAK & ACT NOW

The Alliance for Accountable Governance (AFAG) is a public interest advocacy group but shares a lot of centre-right positions on issues which often than not are in sync with the ideological philosophy of the New Patriotic Party( NPP), over the years have been quiet out of goodwill to Government. However, in view of recent developments, we are forced to depart from our current position on national development.
 
Mr President, it is our considered opinion that the current speed of the cedi depreciation is borne out of the mischief of speculators, and is purely artificial. Although it will reflect an extent of challenges with the balance of payment as a result of post covid and Ukraine war, there is some panic buying, a lack of confidence and a high degree of uncertainty in the financial market.
 
Mr President, there is a certain conspiracy theory that points to the central bank supervision on the forex market as weak, it is the belief that highly placed persons in the central and commercial banks with profit motives auction dollars at an interbank rate which is obviously cheaper to the black markets who then sell it on the market at very high rates. It is also the belief that businessmen in the subregion are contributing to the volatile situation by coming into Ghana to sell their currency and buy dollars for cheap in Ghana thereafter, sending it to their countries( where dollars are quite expensive). Mr President this is among others.
 
Mr President, also critical is the mass belief by Ghanaians that the minister of finance is doing very little to shore up confidence in the market. Nonetheless, but arguably so,  there is a widespread perception of him not doing much coupled with his attack on the IMF. It is the belief of the finance minister that, going to the IMF has a dire effect on the economy and that Ghana won't seek any support from the IMF. AFAG finds it, inconsistent of him, therefore, to lead the IMF negotiations or remain in office now that the government is seeking a bailout.
 
Mr President, it is time to present an economic recovery plan to the nation. IMF intervention would not be enough to salvage the situation.
 
Over the period, you have not also addressed the country. We find this highly unusual based on how in the past you have fostered cooperation from Ghanaians through your frequent addresses during the covid crisis. We will need you to reduce anxiety in the system and let Ghanaians know of the "whys" and "hows".
 
RESOLUTION:
● The minister of finance must be reassigned
● some forex restrictions targeted at persons undermining the system from the central bank through the commercial banks to the unlicensed forex operators
● investigate the banks and prosecute officials engaged in forex trading
● impose import restrictions on selected items
● engaging multinational companies, and business ventures contributing to the capital flight.
● restricting the export of forex to a certain level at least in the next 6 months.
● Ensuring that traders who export US dollars from Ghana in the year have imported about an equal amount to the country.
● Encourage Ghanaians to understand why the current rates are artificial and how they will trade at a loss when the market settles and the cedi benchmarks to the US Dollar at its real value.
 
Signed
 
AFAG LEADERSHIP