The Vice President Dr Mahamudu Bawumia has mounted a rugged defence for government’s management of the volatile cedi in a fragile economy.
According to him, the government is on the right path towards creating a viable economy and will not be coerced into making hasty decisions that will affect the economy.
His comments come at a time when many Ghanaians are reeling under a high-cost living triggered by a depreciating cedi and an escalating fuel prices.
The cedi is inching close to 5 cedis per dollar whilst the fuel is selling at 5.2 cedis per litre.
Many, especially members of the opposition NDC have berated government’s poor management of the economy while businessmen, women commercial drivers, market women all complain about the cost of doing business as well as rising cost of living.
There have been calls for the government to remove taxes on fuel products in order to reduce prices on petrol and hopefully reduce the standard of living.
Members of the Ghana Federation of Labour are even threatening to go on demonstration if the government does not act with dispatch.
Head of the Federation Abraham Koomson told Joy News his members will soon come out with the plan for the demonstration if the situation remains the same.
But the government is unfazed by the mounting pressure and criticism.
The president only recently admitted there was economic difficulties in the country but was quick to dismiss assertions it had hit crisis level.
His vice also admits the difficulties but blamed external shocks for it.
Speaking at a Policy Summit, Monday Dr Bawumia said the government is on the right track despite the difficulties.
“We will strive as a government to keep the cedi stable. The shocks notwithstanding, the fact still remains that our record of management of the cedis has been a relatively good one.
“We will continue to stick to fiscal discipline and market determination of exchange rate. We will not be forced by these external shocks to take politically expedient but economically unsustainable decisions.
“We know we are on the right track and we are going to stay the course and look at the long-term interest of Ghana and not the short-term political expediency,” he stated.
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