The Bawumia led Economic Management team of the New PatrioticParty (NPP) under President Nana Akufo Addo’s administration has been rendered useless and hopeless by the wobbling cedi, the Minority in parliament has said.
According to the Minority, the free fall of the cedi vis-à-vis the dollar and other international currencies of trade, has made the 2019 budget economically unproductive and would only be rescue by a new fiscal statement to reconcile the deficit in the value of the cedi.
In the last few days, the cedi almost hit the US$1.00 to GHS6.00, but has seen some appreciation in value to $1: GHS5.65 following the injection of some US$800 million into the system by the Bank of Ghana.
But at a roundtable on the state of the economy, Hon Cassiel Ato Forson, a former Deputy Minister of Finance, attributed the cedi’s woes down to poor and visionless economic management team led by Vice President, Dr Mahamaud Bawumia.
The Minority Ranking on Finance Committee ofParliament mocked that, the government would have option than to present a new budget to parliament to rescue distressful economy.
“The depreciation of the cedi has put the economy in disarray and the projections surrounding it, as contained in the 2019 budget.
“This has, therefore, undermined the confidence in the economy and sends a wrong signal to the investor community,” he stated.
The Ajumako-Enyan-Esiam Constituency MP said, the alternative was for the AkufoAddo-Bawumia government to take urgent steps to restore the ailing economy to robust one.
“This calls for urgent steps to be taken by the government to restore the economic health. The starting point is that we should be immediately presenting a new budget which considers all distortions and the serious problems occasioned by the fall of the value of the cedi.
“At the minimum, we expect a statement to parliament assuring the nation and investor community of the steps taken by the government to address the instability of the economy and that the budget, as presented by the Minister of Finance, can no longer be relied upon as a true blueprint upon which to manage the economy for the year,” Mr Ato Forson said.
In the view of the Minority, it current situation look bleak for the future and that there the need for the government to concede and admit their incompetency.
Source: therepublicnewsonline.com/Felix Nyaaba