The Member of Parliament for Bolgatanga Central, Isaac Adongo has disproved the Bank of Ghana statement that it has much foreign exchange reserves to cover four months of imports.
The statement according to the MP was a slap in the face as officials at the sector take delight in propagating statements that are far from reality.
Mr Adongo on his Facebook page asked them to take a keen look at the performance of the Ghana cedis to the United States dollar and juxtapose that to their statement.
He stressed that the weak performance of the Cedis to the dollar indicates that they do not even have enough reverse that can last up to one month.
He said “You said you have so much foreign exchange reserves at the Bank of Ghana to cover 4 months of imports. The woes of the cedi show you don’t even have enough for one month. The dollar doesn’t respect cooked reserves.”
The Ghana cedi since the beginning of the year has seen a downwards trend against the US dollar as it trades at Ghc7.65 to US$1.
These outlooks and comments, however, engulfed fear amongst many in the business community in the country as they are of the view that prices of goods may see an upwards trend in the coming days or months.
A1radioonline.com|101.1 MHz|Moses Apiah|Bolgatanga|Ghana
