The Minority Leader in Parliament, Haruna Iddrisu has said the economy is not doing well under the watch of President Nana Addo Dankwa Akufo-Addo.
He said while speaking in Parliament on Tuesday April 5 that businesses are unable to cope with the harsh economic conditions.
“Businesses cannot cope,” he said, adding that ” I see effort by the President to praise himself when he says he has constructed 10,000 km of roads. He simply could have said he put a flyover from Accra to Beijing that is 10,000 KM and probably we would have believed him for being accurate.
“The Minister for Roads and the Minister for Finance must take the necessary and appropriate decision to help Ghanaian private sector contractors.
“We are concerned about the rise in food inflation from 12.8 per cent in December 2021 to 17.4 per cent in February 2022 . This is the highest food inflation ever recorded in the history of our country.”
Meanwhile, President Akufo-Addo has said that the recovery programmes instituted by his government was due to the impact of the ravages of the coronavirus pandemic.
He said these programmes give Ghana the opportunity to come out of this period a stronger economy.
“In Ghana, the recovery programme we have is very credible and that is what is going to give us the opportunity to come out of this period a stronger economy, and it is that future we are looking at,” he said.
Mr Akufo-Addo touted the economic progress of the oil-producing West African nation when speaking in an interview with the BBC on Monday April 4 but when his attention was drawn to the woes of the local currency, he said “I don’t know the economy in the world that is doing well.
“The Cedi has begun to firm up. The world is going through a difficult [moment], Ghana is no exception, Nigeria is no exception. There is no country in the world that is escaping the ravages of Covid-19 and also the impact of the [Russia-Ukraine conflict].”
Recently the Minister of Finance Ken Ofori Atta announced some measures introduced by the government to deal with the issues affecting the economy especially the Cedi.
Mr Ofori-Atta announced on Thursday March 24 that “With immediate effect, Government has imposed a complete moratorium on the purchase of imported vehicles for the rest of the year. This will affect all new orders, especially 4-wheel drives. We will ensure that the overall effect is to reduce total vehicle purchases by the public sector by at least 50 percent for the period,” he said.
“Again, with immediate effect Government has imposed a moratorium on all foreign travels, except pre-approved critical/statutory travels; Government will conclude on-going measures to eliminate “ghost” workers from the Government payroll by end December 2022.
“Discretionary spending is to be further cut by an additional 10%. The Ministry of Finance is currently meeting with MDAs to review their spending plans for the rest of the three (3) quarters to achieve the discretionary expenditure cuts. These times call for very efficient use of energy resources.
“In line with this, there will be a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1st April 2022,” he added.