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Ghana’s ruling party lawmakers demanded the sacking of the country’s finance minister, ostensibly to put pressure on the government to tame the vaulting inflation, which has breached all previous records
Ghana’s ruling party lawmakers demanded the sacking of the country’s finance minister, ostensibly to put pressure on the government to tame the vaulting inflation, which has breached all previous records.
Ghanaians are now upfront with 37 percent inflation and steady erosion of the value of its currency -the Cedi – in an economic hardship worsened by the Russian invasion of Ukraine. Finance Minister Ken Ofori-Atta visited Washington recently and held parleys with the IMF for a loan of US$ 3 billion. The majority of the parliamentarians are demanding a quick reversal of things that are unfolding before the country.
Ghana’s cedi is now the world’s worst-performing currency along with Kenya’s struggling shilling. Parliamentarians also threatened that if their demand did not accede, they would not participate in discussions of the House including that of Budget. The call was supported by 80 of the 137 legislators in the NPP parliamentary caucus.
In Ghana’s parliament, the NPP and the National Democratic Congress (NDC) have the same number of seats. Lawmakers are scheduled to begin debating the 2023 budget in November. Even some parliamentarians belonging to the opposition parties are also demanding the resignation of the finance minister. The ruling party has been criticized for its economic management of the country, including the decision to enter into discussions with the IMF.
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President Nana Akufo-Addo once promised that Ghana would become aid-free. Once the IMF loan is availed, austerity measures would follow including cuts in subsidies. Protest marches are common in Ghana. Shopkeepers in the capital, Accra, shut down their stores to protest against the soaring cost of living last week.
