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Fixing falling cedi must be urgent to you than securing new loans – Ato Forson to govt

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The Minority Leader, Dr. Cassiel Ato Forson, has criticized President Akufo-Addo for the emergency parliamentary session convened at the behest of the Majority caucus on Friday, May 17.

He argued that there was no genuine emergency warranting the recall of Parliament to approve a $150 million loan from the World Bank.

In his address at the start of the parliamentary sitting, Dr. Forson, who previously served as Deputy Finance Minister, stated that the approval of the loan was unnecessary.

He highlighted that the government had already misused funds from the first phase of the loan that had been approved earlier.

Dr. Forson emphasized that the primary concern for the Akufo-Addo administration should be the alarming depreciation of the Ghanaian Cedi.

The Minority Leader pointed out that the rapid decline in the value of the local currency is causing severe economic challenges, including the collapse of businesses and rising unemployment.

The Minority Leader expressed his concern over the continuous devaluation of the Cedi, which he said is driving up the cost of goods and services across the country.

This, according to him, is putting immense pressure on ordinary Ghanaians and worsening their living conditions.

He urged the government to focus on stabilizing the Cedi rather than seeking additional loans for what he termed as consumption.

Dr. Forson stressed the need for the administration to prioritize economic stability and the well-being of its citizens.

The Ajumako-Enyan-Essiam lawmaker reiterated that addressing the free fall of the Cedi should be the government’s most urgent task.

He warned that failure to do so would continue to exacerbate economic hardships and undermine the nation’s financial health.

In conclusion, Dr. Forson called on the government to reassess its priorities and take decisive action to stabilize the economy, rather than accumulating more debt.

He urged a shift in focus from borrowing to implementing policies that would strengthen the local currency and support sustainable economic growth.

“How is the approval of US$150 million loan an urgent issue, when US$200 million for phase one approved by this House has been misapplied and not accounted for?”

“How is it an urgent matter for Parliament to be summoned from recess to approve a-US$150 million loan agreement at a time that this government is granting questionable US$450 million tax waiver?”

“Therefore, we want to make the point clear that there is no urgent matter before the House to warrant this recall.”

“Rt. Hon. Speaker, the urgent matter facing the people of Ghana, particularly businesses, traders and households is the free fall of the Cedi. This is a matter that concerns everyone. The depreciation of the Cedi should be an urgent issue for all of us,” he said.

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