You’ve Destroyed The Economy Hence, You Can’t Borrow – Bawa Tells Government

Edward Bawa, a Bongo Member of Parliament, claims that the government has ruined the economy, making it impossible for them to borrow on the foreign market.

He blamed the government’s mishandling for the current economic difficulties.

On Saturday, March 19, he declared on TV3’s Key Points, “[Government] has run-down the economy.”

On the same program, Andrew Egyapa Mercer, a Deputy Minister of Energy, stated that the Cedi’s decline is due to the economy’s recent downgrade by some credit rating agencies.

He stated that the government, in partnership with the Bank of Ghana (BoG), is working to strengthen the Cedi.

The cedi is now trading at a rate of more than 7 cedis per dollar. Analysts anticipate that it will most likely pass the 8.

“Due to the downgrade by the rating agencies and some speculation by people scurrying for the dollar, the cedi is eroding at a faster rate.”

“A crucial point raised is how the Bank of Ghana might act to create a foreign exchange market that makes currency available to importers.”

He replied, “A meeting has been set to that effect.”