A member of Parliament’s Finance Committee has announced plans to summon the Finance Minister to clarify the government’s long-term strategy for consolidating recent economic gains and building stronger financial buffers.
Isaac Yaw Boamah-Nyarko, the MP for Effia, revealed on JoyNews’ PM Express on Monday, May 26, that the committee will seek detailed explanations from the Finance Minister during the next parliamentary sitting.
“We’re going back to Parliament tomorrow to ask the Finance Minister to give us information on government’s strategy and plan to consolidate these gains,” Mr Boamah-Nyarko said.
He warned that without a clear plan, Ghana risks losing the progress currently supporting the local economy. “We want to know how the government intends to build buffers that will help us withstand future adversity,” he added.
The Effia MP criticised the government’s recurring failure to turn good economic periods into lasting resilience. “As a country, we are quick to accept praise when things are going well, but we fail to plan well and establish sustainable mechanisms,” he said.
Referring to the COVID-19 pandemic, Mr Boamah-Nyarko pointed out Ghana’s fragile economic fundamentals. “The pandemic revealed our vulnerabilities,” he stressed.
The MP also expressed serious concerns about Ghana’s gold reserve policy. “At the end of December, our gold reserves stood at 30 tons. Five months later, we have sold nearly 20 tons, but our additions to reserves have been less than 1 ton,” he disclosed.
He questioned the wisdom of relying heavily on current high commodity prices. “Gold and cocoa prices won’t stay this high forever,” he warned.
Mr Boamah-Nyarko further called for clarity on how the government plans to stabilise the cedi while strengthening foreign reserves. “If the government wants to use this economic upturn to bring down the cedi’s value, they must ensure we are still building our reserves,” he said, comparing Ghana’s reserves unfavourably with other countries.
“The US holds over 8,000 tons, and the UK has over 2,000 tons,” he noted.
The MP said Parliament expects real, sustainable solutions, not temporary fixes. “We want the Vice President, who heads the Economic Management Team, to assure us that these measures are not just a nine-day wonder,” he concluded.
Source :Abubakar Ibrahim
