Franklin Cudjoe, the Founding President of IMANI-Africa, has raised concerns about the rising cost of living in the country, arguing that the Vice President, Dr Mahamudu Bawumia, has not provided clear or actionable strategies to address the issue.

Speaking on Joy FM’s Super Morning Show on Monday, Mr Cudjoe expressed his dissatisfaction with the Vice President's recent statements regarding the government's plans to reduce cost of living. According to him, while Dr Bawumia’s manifesto mentions a commitment to tackling the high cost of living, it fails to outline specific measures or strategies.

“In reducing the cost of living, I did not see any concrete plans. The cost of living is influenced by several factors, including the cost of borrowing and inflation, which businesses must navigate. These are serious concerns that need detailed solutions,” Mr Cudjoe explained.

He further criticized the lack of structural changes in the government's approach to managing the exchange rate, which he sees as a critical component in the broader economic picture. “The exchange rate is crucial, yet I haven’t heard any significant structural shifts to address it. This is worrying, especially given the emphasis that has been placed on this issue in past discussions.”

Mr Cudjoe argued that merely stating the intention to reduce the cost of living is not enough. “Just saying 'we will reduce the cost of living' doesn’t suffice. It's important to know exactly how these plans will be implemented. After seven years, it’s time for clear, measurable actions.”

He also emphasized the need for detailed plans on inflation management, noting that while the Vice President has mentioned the importance of local production and export, these ideas need to be backed by specific estimates and timelines. “So, simply saying ‘we will reduce the cost of living’ doesn’t cut it. It’s crucial that we understand exactly how this will be rolled out,” he said.

Addressing the issue of housing, which directly impacts the cost of living, Mr Cudjoe questioned the government's approach to providing affordable social and commercial housing. “How will the government calculate the rates for daily or monthly shelter costs? After seven years, an economic expert should have already mapped out these details.”

In conclusion, Franklin Cudjoe expressed skepticism about the government's current approach, urging for immediate clarity and actionable plans. “We don’t need to wait for further estimations. We need concrete figures now. How will the government reduce borrowing costs for businesses? What will the interest rates be? Will it be a state-led initiative? And which banks will be involved? These are the questions that need answers.”

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