Bawumia must quit dancing off-beat and fix the dancing Cedi – Ato Forson
Bawumia must quit dancing off-beat
The Minority claims that there is still more work to be done and that the Ghana Cedi’s existing problems will only become worse. Tradesmen warn that the local currency has increased to GH₵15 and that this means consumers will pay a higher price for goods and services.
Minority Leader Dr. Cassiel Ato Forson bemoaned the negative impact of the Cedi’s depreciation on companies in locations like Okaishie, Abossey Okai, Kejetia, and other commercial districts during a speech to journalists in Parliament on Wednesday.
He clarified that “In spite of the huge inflows of foreign exchange from the IMF and the World Bank, into the Ghanaian economy, and I’m talking of billions of Ghana cedis, billions of US dollars, the government’s action and its management of the cedi have continued to fuel steep depreciation with no end in sight unfortunately.”
“There is much room for improvement in the decisions made thus far by the Economic Management Team, which is led by our Vice President Alhaji Bawumia. The so-called economic wizkid, who was promoted as Ghana’s economic savior, had his credentials exposed by the current state of the country’s economy.
READ: Voter registration: Kukuom chiefs invoke curses on perpetrators of recent violence
Alhaji Bawumia’s reputation has completely collapsed. He was concerned that rather than focusing on saving the failing currency, Dr. Bawumia, who also serves as the flagbearer of the New Patriotic Party, is too preoccupied with his election campaign.
“I would want to take this occasion to ask the Vice President to stop dancing in an unconventional way while on the campaign route and concentrate on the dancing cedi. Our nation is in for a lot as a result of the government of Alhaji Bawumia’s careless mismanagement.”
This occurs at a time when traders all around the nation are protesting the terrible effects of the currency’s decline on their business operations.
The construction has left several businesses in debt, which has infuriated the business community. The Food and Beverages Association of Ghana (FBAG) claims that many business owners use credit sales as their business model, which makes it challenging for importers to make their payments.
READ ALSO: Family of man allegedly killed by Kenyasi police demands justice
FBAG’s Executive Chairman, John Awuni, referred to the state of affairs as a “crisis of many products” during an interview on Top Story on May 14. “It is a massive disaster because we see the working capital of most of the businesses being eroded.”
“A few companies have even given up on selling since they are unsure of how much to charge. Ghana is primarily a credit market; it receives supplies from overseas and extends credit to its distributors, wholesalers, and retailers in Ghana.”
He added that “by the time they pay you the money for you to buy the dollar and pay back your suppliers, you are in serious trouble.”
However, FBAG is not the body experiencing pain. The Ghana Union Traders Association (GUTA) had previously voiced its displeasure with the condition of the local currency.
FOR MORE; CLICK Here
About The Author
Join Us On SOCIAL MEDIA | | Post Disclaimer
JOIN US ON FOR ALL NEWS>> TELEGRAM or WHATSAPP
FOR EDUCATION NEW ONLY: >> TELEGRAM or WHATSAPP
Send stories for publication to info@ghana24.org
Post Disclaimer
The information contained in this post is for general information purposes only. The information is provided by Bawumia must quit dancing off-beat and fix the dancing Cedi – Ato Forson and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.