Blame Parliament for our cedi depreciation’ – Vice President’s Spokesperson

Spokesperson for the Vice President of Ghana, Dr. Gideon Boako dreads Ghana may suffer worse currency depreciation and economic woes should the Members of Parliament continue to conflict themselves.

As an economist, Dr. Gideon Boako held that the persistent misbehaviour of the Parliamentarians give little to no hope to investors who would like to invest in Ghana’s economy.

Speaking on Peace FM’s ”Kokrokoo”, Dr. Boako alluded to the pre-COVID era where he noted the country recorded the lowest depreciation of its currency and also the economy was in better shape than it is today.

According to him, the government had it all planned out how it was going to revive the economy and the road to recovery was even established in the 2022 budget.

But, to him, some consequential factors are blocking the government from restoring the economy.

He explained that, due to the Parliamentarians’ conduct, particularly the Minority, where they are seen fisting one another and vehemently opposing the 2022 budget, every investor will be scared to pump money into Ghana’s economy.

As a result of the uncertainties over the budget, those who have already invested in Ghana are pulling out their monies against fears of losing their investments and those yet to invest do not want to do it, hence the country’s cedi may continue to depreciate against the US Dollar and other currencies.

He emphasized that the sharp cedi depreciation is all because of these factors saying ”the issues in Parliament and the seeming uncertain on the government budget, no doubt about it, any economy that experiences such situation, you will suffer depreciation of your currency. That’s why we have to advise our Parliamentarians that, look, it is not about NPP; it is not about NDC. At the end, if the cedi depreciates against the dollar, whether you are an NPP, NDC, Parliamentarian or citizen, it affects you in any way”.

He added; ”Every economic student who will do analysis to trace the reason for the sharp depreciation of the cedi will get other factors but this will be a major contributory factor. We shouldn’t play with it…at the end of the day, we are all suffering” and also stressed ”it is a cause for worry.”

Dr. Gideon Boako appealed to the Parliamentarians to come to a consensus in order to ease the economic burdens on the nation.

”…to hold government budget to ransom and for political reasons, play with it and not approve it, the consequences go beyond the government doesn’t have the right to make certain expenditure but what is important is the effect on our currency which you shouldn’t play with it at all”, he told host Kwami Sefa Kayi.