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Patrick Boamah urges Bank of Ghana to suspend forex injections
Member of Parliament for Okaikwei Central, Patrick Boamah, has called on the Bank of Ghana to suspend its continuous foreign exchange injections, arguing that the economy must be allowed to adjust naturally to reflect the true cost of living.
Mr Boamah raised concerns about the amount of money being used to stabilise the cedi, questioning the long term impact of such interventions on national development.
He pointed out that government has spent about 10 billion dollars to support the currency, describing the figure as excessive.
According to him, allowing the economy to run on its own could have saved the country significant funds that could be used for development projects.
Mr Boamah explained that he was speaking as a lay person and not as an economist, but insisted that strong and practical economic policies should reduce the need to constantly support the currency.
He questioned why the state would continue to hold up the cedi with huge sums of money instead of allowing the economy to stand on its own.
He stressed that the key issue is the cost of such interventions to the state and how that compares with Ghana’s pressing development needs.
The Okaikwei Central MP argued that the Bank of Ghana should reduce its role in propping up the currency and allow market forces to reflect the real state of the economy.
In his view, constant intervention only masks underlying problems and creates a false sense of stability.
Mr Boamah noted that while official figures indicate inflation is around five percent, prices of goods and services continue to rise, creating a disconnect between economic data and the lived reality of Ghanaians.
He cited the changing prices of basic items such as bottled water as an example of how cost of living does not align with inflation figures being presented.
He raised concerns about transport fares, questioning why drivers are arrested over pricing disputes while the cost of living keeps rising.
According to him, these everyday experiences highlight the need to look beyond economic statistics and focus on the real conditions people face.
Mr Boamah maintained that allowing the economy to run on its own would provide a clearer picture of Ghana’s economic health and help policymakers take more realistic decisions.
By: Jacob Aggrey
Director of Communications for the United Party, Solomon Owusu, has expressed strong disappointment following the Supreme Court decision to quash the rerun of the Kpandai parliamentary election.
Mr Owusu made his views known while reacting to the ruling, stressing that he would feel deeply disappointed if he were in the position of Matthew Nyindam, the current Member of Parliament for Kpandai.
He explained that the High Court had earlier examined the case in detail and arrived at a clear determination on the matter.
According to him, the High Court found that the election was compromised and that rigging took place with the involvement of the Electoral Commission.
Mr Owusu pointed out that when the New Patriotic Party moved the case to the Supreme Court, it did not challenge the substance of the High Court findings.
He stated that the appeal was based purely on a point of law, arguing that the National Democratic Congress was time barred when it went to court, and not that the alleged rigging did not occur.
In his view, this means that Mr Nyindam remains in Parliament through an election process that did not reflect the true will of the people of Kpandai.
Mr Owusu noted that this was why he had expected a rerun of the election, to allow the MP to return to the constituency and properly establish his authority through the ballot.
He explained that a rerun would have given Mr Nyindam the opportunity to prove that he genuinely won the 2024 parliamentary election.
With the rerun now quashed, Mr Owusu questioned how the MP could celebrate or take pride in the court outcome.
He stressed that he would no longer take contributions made by Mr Nyindam in Parliament seriously, as the legitimacy of his mandate remains questionable in his view.
Mr Owusu further argued that the Supreme Court decision has shortchanged the people of Kpandai.
He described the ruling as unfair to voters who woke up early on election day, queued patiently, and voted for a candidate of their choice, only for their will to be undermined.
According to him, the outcome raises serious concerns about justice, electoral credibility, and respect for the democratic rights of the people.
By: Jacob Aggrey
Ghana is taking steps to exit its International Monetary Fund IMF programme before the end of the year, says the minister of education, Haruna Iddrisu.
Mr Iddrisu made this known while speaking on the country’s economic recovery efforts and ongoing discussions with international partners.
He explained that government has already begun conversations beyond the IMF programme, including engagements with other international financial institutions to support Ghana’s post IMF economic path.
According to him, discussions have taken place with development finance institutions such as the World Bank and the European Development Corporation Fund, which he described as sources of friendly and concessional financing.
Mr Iddrisu noted that these partners have shown strong interest and readiness to support Ghana as it transitions away from the IMF arrangement.
He indicated that preparations are underway for life after the IMF, expressing confidence that Ghana could exit the programme either before the end of August or by the close of the year.
The minister assured that alternative financing options are being explored to ensure economic stability once the IMF programme ends.
He referenced outstanding financial figures, including earnings and cumulative amounts running into billions of dollars, which he noted require careful consideration as part of the transition process.
Mr Iddrisu stressed the need for transparency and prudent management of these finances to protect the national interest and sustain economic gains made under the IMF programme.
He maintained that Ghana’s exit from the IMF must be well planned to avoid setbacks and to ensure that the economy remains stable and resilient going forward.
By: Jacob Aggrey
