The Minority says government must admit it has failed to turn the economy around to engender investor confidence and sustain the stability of the local currency, the cedi.
According to the opposition MPs, the finance minister must, therefore, submit a new budget worthy of investor confidence to parliament.
While calling on the President and his Vice to “concede that they have failed”, Ranking Member on Parliament’s Finance Committee, Cassiel Ato Forson said, “the budget as presented by the Minister of Finance cannot be relied upon as the true blueprint upon which the economy is managed.”
Explaining this to the press Wednesday in Parliament, the NDC legislators said the budget’s “credibility and sustainability have been completely undermined by the cedi depreciation.”
This they said has thrown the economy in disarray and the projections out of gear.
Forson added confidence in the economy has been “undermined and sent the wrong signals to the investor community.”
Accusing the government of gross mismanagement and poor policy choices, the minority said the prevailing situation calls for “urgent steps to be taken by the government to restore the economic health.”
They proposed that the government should be “presenting a new budget which considers all the misfortunes and serious problems occasioned by the fall of the value of the cedi”
Alternatively, they expect the government to issue a statement to Parliament assuring the nation and the investor community on the steps taken by the government to address the instability of the economy.
The minority further proposed that the “new budget” or “statement “must announce bold steps to address the cedi.”
The minority’s press conference comes on the back of sharp depreciation of the cedi against its major international trading currencies especially the dollar, last week.
The cedi depreciated from ¢4.9 to around ¢5.6 between February and March, sparking fears among the business community. The cedis has, however, rebounded strongly throughout this week, selling at ¢5.3 cedis to the dollar on Tuesday.
Latest Stories
-
Government pushes for use of more local materials in housing, other infrastructure projects
30 mins -
Dr Bawumia extends Easter greetings to Christians
41 mins -
CAF Confederation Cup: ‘Ghanaians should expect victory against Stade Malien’ – Dreams FC forward Ishmael Dede
1 hour -
CAF Confederation Cup: ‘We want to go there and win’ – Karim Zito on Stade Malian clash
2 hours -
Togbe Adzie Lãkle Howusu XII endorses youth leadership as New Force Movement gains momentum
2 hours -
Public Utility Workers Union appeals to PURC to address power crisis
2 hours -
Anbariya loses another appeal in Kumasi as Appeal Court ratifies High Court ruling against the Islamic Institute
3 hours -
Highway construction health hazard: Ofankor-Pokuase-Nsawam residents appeal for dust relief
3 hours -
SuperJazzClub releases its first single of the year ‘Off’
3 hours -
Methodist Church to lobby Akufo-Addo for expedited assent to anti-LGBTQI+ Bill
3 hours -
Spare health facilities from unplanned ‘dumsor’ – Minority to government
3 hours -
Eritrea Observed World Tuberculosis (TB) Day 2024
3 hours -
Just give us ‘dumsor’ timetable to plan our operations – GMA tells ECG
4 hours -
Parliament petitions Chief Justice for an expedited hearing of cases against anti-LGBTQI+ Bill
4 hours -
The Attorney General vs NDC impasse – why they ‘fight’
4 hours