They said the answers to the their questions will reveal to Ghanaians the true state of the economy.
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Minority poses 5 questions to Dr. Bawumia over cedi depreciation
The National Democratic Congress (NDC) minority in Parliament has tasked the Vice President, Alhaji Dr. Mahamudu Bawumia to answer five critical questions on the bleak nature of the Ghanaian economy.
Ghana's Former Deputy Minister of Finance, Mr Cassiel Ato Forson
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Speaking at a press conference dubbed the "True State of the Economy", Minority Spokesman on Finance, Cassiel Ato Forson said the posture of Nana Addo's government is clearly different fro their time in opposition.
He said, "the Vice President claimed to have stabilised the cedi in the first 100 days of the NPP government. The Vice President declared that, the cedi had been arrested and the keys handed over to the Inspector General of Police. It was obvious at the time the Akufo-Addo government was only reaping the benefits of the hard work put in by the Mahama administration before its exit”.
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Vice President Dr. Mahamudu Bawumia
Pulse Ghana
According to Hon. Forson, the dwindling fortunes of the cedi against the major trading currencies is due to bad management from the government.
The Minority therefore wants Dr. Bawumia to provide answers to these five questions relating to the economy and how he plans to tackle the depreciation of the cedi.
Read below the five questions the Minority is demanding answers for
1. Why would an independent central bank with focus on price stability decide to reduce the monetary policy rate against its own research findings that US policy normalisation is strengthening the US dollar and causing investors to move funds away from emerging economies and that upward adjustments in domestic prices of petroleum products are likely to affect transport and utility prices?
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2. Why would an independent central bank with a focus on price stability to lower the policy rate in the face of dwindling net international reserves and a rising interest rate abroad?
3. Why would an independent central bank with focus on price stability decide to reduce the monetary policy rate in favour of growth which has been projected to be higher than the previous year’s while the local currency is under pressure?
Cassiel Ato Forson
Pulse Ghana
4. Why would an independent central bank with a focus on price stability decide to lower the policy rate in the face of excess liquidity in the banking sector emanating from banks increasing their minimum capital by over 100 percent while the local currency is fast depreciating?
5. Clearly, an economy cannot be externally unstable and internally stable. How can a rapid exchange rate depreciation be accompanied with a single digit inflation rate as captured by the posted macroeconomic indicators?
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