The Member of Parliament for Navrongo Central in the Upper East Region, Sampson Tangombu Chiragia has said Ghana’s currency could depreciate to Ghc15 to a dollar should the current economic management team remain intact.
Speaking to Mark Kwasi Ahumah Smith, host of the Day Break Upper East show, the Navrongo lawmaker said, considering the current situation of the Ghanaian economy coupled with the rapid depreciation of the cedi, it is clear that managers of the economy have failed Ghanaians.
According to him, the economy management team is displaying its incompetence in managing the country’s economy.
“The managers [of the economy] have failed. We have somebody who thinks that he knows everything. The Finance Minister has failed. The Governor of the Bank of Ghana has failed. They don’t know anything.”
“As those people continue to be there, your cedi will hit 15 before the end of the year because your people don’t know anything. They are people who have been there for almost six years, yet they have failed.”
Mr. Samson Tangombu Chiragia’s comments follow the Bank of Ghana’s decision to increase the policy rate by 300 basis points to 22%, after an Emergency Monetary Policy Committee meeting today, August 17th, 2022.
The move according to the bank of Ghana is part of measures to address the risks to the inflation outlook.
However, the cost of borrowing is expected to go up significantly, and consequently, increase the cost of living and doing business.
Source:A1Radioonline.Com|10.1MHZ|David Azure| Bolgatanga|Ghana
