Member of Parliament for Kade, Hon. Alexander Agyare, has expressed concerns over the government’s fiscal strategy and its impact on the economy during the debate on the 2025 Mid-Year Budget Statement.
Hon. Agyare pointed out a discrepancy in the calculation of the gross international reserve, citing page 65 of the budget statement, which indicates that the Gold Board brought in $5 billion. Adding this to the $8.9 billion left behind should result in more than the $11.2 billion recorded in the budget.
He called on the finance minister to clarify this discrepancy.
The MP also highlighted the uncertainty surrounding the exchange rate, with the Bank of Ghana quoting a rate of 10.43, commercial banks quoting 10.8 plus, and the roadside rate standing at 12.7 plus. “Nobody knows the actual rate,” Hon. Agyare stated.
Hon. Agyare revealed that importers are facing significant challenges in accessing dollars for business transactions, with transfers taking up to three weeks to process. This is affecting importers’ ability to bring in goods for the Christmas season.
The MP advised the Finance Minister to let the market determine the exchange rate, rather than artificially sustaining a particular rate. “When you give a rate that people cannot access, it’s not sustainable,” he said.
Hon. Agyare urged the government to take a more pragmatic approach to managing the economy and prioritise the needs of Ghanaians.
By: Rainbowradioonline.com/Ghana
