Ghanaians Are Jokers To Think Ken Ofori-Atta’s Sack Will Curb Cedi Depreciation – Nhyiaeso MP

Member of Parliament for Nhyiaeso, Stephen Amoah, has suggested that the dismissal of Ken Ofori-Atta as Finance Minister will not curb the free fall of the local currency against major trading currencies such as the US dollar.

He said in an interview with Accra-based Metro TV that citizens will be ‘jokers’ to fancy the thought that Ofori-Atta’s sack will lead to the Cedi appreciating.

The legislator stated that the country’s economy in itself has not been strong for over 40 years as it was largely import-dependent.

Stephen Amoah was responding to a question premised on calls for Ofori-Atta’s sack and Speaker Alban Bagbin’s comment that the Cedi was appreciating against the dollar as a result of motion filed by the Minority side of Parliament for a vote of censure against Ofori-Atta.

“So right now, if we sack the finance minister, dollar will come to GH₵5? We are jokers as a country. When you come to finance and economics, there is nothing like may be. It’s lazy man’s approach.

“We need to accept the fact that our economy hasn’t been strong for over 40 years. We run something we call negative effective tax rate country. Monies from government to the households and monies that government gets from households…the monies going to households are always higher than what we get as revenue,” the MP said.

President Akufo-Addo has in recent times come under pressure to reshuffle or sack some of his ministers particularly Ken Ofori-Atta over worsening economic conditions under his watch.

However, the president has rejected reshuffle calls insisting that his ministers are performing well.

On October 25, some NPP MPs organized a press confidence to demand the dismissal of Ofori-Atta and the Minister of State at the Ministry of Finance, Charles Adu-Boahen.

The group said failure by President Akufo-Addo to heed to their call will mean they will not pursue government business in Parliament.

Following this, the president held meetings with the MPs where it is reported that he has appealed to them to allow Ken Ofori-Atta in particular complete the IMF negotiations and also present the 2023 Budget and see to its appropriation.

The Majority Caucus in a statement confirmed that the demands of the MPs will be ‘acted upon’ after the conclusion of IMF negotiations and the presentation of the Budget Statement and Economic Policy in November 2022, and the subsequent passage of the Appropriation Bill.