A member of the Finance Committee says they will summon the Finance Minister to explain government’s long-term strategy for consolidating recent economic gains and building stronger financial buffers.

Isaac Yaw Boamah-Nyarko, speaking on JoyNews’ PM Express on Monday, May 26, warned that without a clear plan, Ghana risks squandering the gains currently boosting the local economy.

“We’re going back to Parliament tomorrow to ask the Finance Minister to give us information as to government’s strategy and plan to consolidate this gain,” the Effia MP revealed.

“We want to know how the government intends to ensure we build the buffers that will be able to stand the days of adversity.”

Mr Boamah-Nyarko criticised what he called a recurring failure by government to convert good times into lasting resilience.

“I always say that as a country, we are quick to take praise when these things are happening, but we are unable to plan well and put in the necessary mechanisms which are more sustainable,” he said.

He referenced lessons from the COVID-19 pandemic as proof of the country’s vulnerability. “From the period that COVID hit this country, we realised that our fundamentals are weak,” he stressed.

The MP raised serious concerns over Ghana’s gold reserve policy.

“As at the end of December, our gold reserve stood at 30 tons. And then we come five months down the line, we are selling almost 20 tons of gold, and yet our add-on to the reserve is just less than 1 ton,” he disclosed.

He questioned the rationale behind the current strategy and warned about overreliance on high commodity prices.

“We are not going to get this gold price going on like this forever. We are not going to get a cocoa price rise like this forever,” he said.

Mr Boamah-Nyarko further demanded clarity on how government plans to stabilise the cedi while strengthening reserves.

“If the government intends to use this rainfall to at least bring the cedi down, by so doing, we must still make sure we are building reserves,” he said, comparing Ghana’s performance to other countries.

“The US has over 8000 tons and the UK has over 2000 tons,” he said.

The Effia MP said Parliament wants real answers, not just temporary fixes.

“We would want the Vice President, who is head of the Economic Management Team, to assure us as a country the kind of arrangement they are putting in place to make sure that all of these things are not just a nine-day wonder.”