Bolgatanga Member of Parliament, Isaac Adongo, has fiercely countered the Finance Minister, Ken Ofori-Atta’s claims that the government has successfully navigated the country’s economic challenges.
The Finance Minister made these remarks during the presentation of the 2023 Mid-Year Budget Review in parliament on July 31, 2023.
However, Mr Adongo outlined several reasons that contradict the Finance Minister’s statement, asserting that the claims lack factual basis.
One critical point raised by the MP is the current inflation rate, which stands alarmingly high at 42%.
“The Finance Minister says he has turned the corner, you have turned the corner when inflation is 42%? Is that the corner?” questioned Mr Adongo, highlighting the severity of the inflationary situation.
Furthermore, Mr Adongo criticised the country’s foreign reserves, pointing out that by the end of the year, they are projected to be a meager 0.8 months’ worth, less than a month’s reserves at the Bank of Ghana.
This indicates a precarious financial situation and challenges the Finance Minister’s claim of a successful economic turnaround.
The MP drew attention to the recent increase in monetary policy rates by the Monetary Policy Committee (MPC) to 30%. Such a move by the MPC indicates ongoing economic struggles and contradicts the Finance Minister’s statement of a successful turnaround.
“The Finance Minister says he has turned the corner, you have turned the corner when inflation is 42%? Is that the corner? You have turned the corner when you are reporting that even by the end of the year, your reserves will only be 0.8 months, i.e. less than one month of reserves at the Bank of Ghana. And you said that is turning the corner?
“You have turned the corner when Governor and the MPC just recently increased monetary policy rates to 30%? You have turned the corner when the Bank of Ghana has reported that the cedi has depreciated by 30%. So, quite clearly, he is not even near the corner, let alone to turn it,” he stated.
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