The Deputy Ranking Member on Parliament’s Finance Committee, Dr. Gideon Boako, has challenged Finance Minister Dr. Cassiel Ato Forson’s claims of economic recovery, arguing that the true value of the Ghanaian Cedi lies in its purchasing power—not its exchange rate stability.
Speaking during the debate on the 2025 Mid-Year Budget Review on Monday, July 28, the Tano North MP dismissed the government’s narrative that the Cedi’s performance on the foreign exchange market signals economic strength.
“Mr. Speaker, the true power of a currency does not lie in its rate of exchange but the purchasing power of that currency,” Dr. Boako asserted.
He pointed to the rising cost of basic commodities—particularly construction materials—as evidence that Ghanaians are not experiencing the supposed benefits of economic stability.
“Yes, we have stability, but what is the purchasing power of the Cedi today?” he asked. “Mr. Speaker, cement prices were at GH¢90 in January 2025 but had jumped to GH¢130 by April.”
Dr. Boako’s remarks form part of the Minority’s broader critique of the mid-year budget, urging the government to focus on economic measures that directly impact the cost of living.
He called for a shift away from abstract fiscal indicators and toward policies that address the real-life financial burdens faced by ordinary Ghanaians.
Source: Ernest K. Arhinful
