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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
The Ranking Member on Parliament’s Finance Committee and the member of parliament for Bolgatanga Central constituency, Isaac Adongo, has defended the Governor of the Bank of Ghana, Dr. Johnson Asiama, describing him as the right person to manage the country’s central bank.
According to Mr. Adongo, Ghana would have faced a difficult situation if the National Democratic Congress (NDC) had not won the 2024 elections and Dr. Asiama had not been appointed governor.
Speaking in an interview with Edem Mensah-Tsotorme, Online Editor for ghanaiantimes.com.gh, Mr.Adongo said the opposition New Patriotic Party (NPP), including Kojo Oppong Nkrumah, only wanted to remain relevant within their party.
“Well, the NPP and Kojo Oppong Nkrumah have a job to do. They want to remain relevant in their party. I don’t begrudge them,” he said.
Mr. Adongo praised President John Dramani Mahama for appointing Dr. Asiama as Governor of the Central Bank after returning to power.
He explained that the President carefully assessed the country’s economic challenges while in opposition and chose Dr. Asiama as the best person for the role.
According to him, the governor has so far shown strong leadership at the central bank.
“I’m not saying this because I work closely with him, but sitting on the board with him, his leadership is on par,” he stated.
The lawmaker further noted that the governor understands the concerns of Ghanaians, especially regarding the rising cost of living and economic pressures.
He said government had already done the “heavy lifting” in stabilizing the economy and would now reassess some of its policies to reduce pressure on public finances.
Mr. Adongo expressed optimism that the country would not witness the same level of government expenditure from 2026 onwards.
“We’ll go back to the drawing board and consider the fiscal implications of some of the actions we have taken. I believe that from 2026, we will not see the same magnitude of expenditures,” he added.
By: Jacob Aggrey
The Ministry of Tourism, Culture and Creative Arts has clarified that it did not approve or endorse the recent Karnival Kingdom Festival held in Accra.
In a statement issued on May 7, 2026, the ministry said it did not receive any proposal, request for approval or official communication concerning the organisation of the event.
According to the ministry, it was also unaware of the processes through which the festival was allegedly approved to take place in Ghana.
“The Ministry wishes to state unequivocally that it neither endorsed, sanctioned nor authorised the staging of the event,” the statement said.
The clarification follows public criticism and discussions on social media over activities associated with the festival, including the circulation of what many described as culturally unacceptable content.
The ministry acknowledged concerns raised by sections of the public and various stakeholders regarding the conduct and nature of the event.
It explained that as the supervisory institution for the tourism, culture and creative arts sector, it expects all organisers of public festivals and entertainment events to follow established regulatory procedures and engage the relevant state institutions before holding such activities.
The ministry therefore urged organisers of tourism, cultural, entertainment and recreational events to obtain the necessary approvals before staging programmes in the country.
According to the statement, the ministry remains committed to promoting tourism and cultural activities that respect Ghana’s laws, values and cultural identity.
It added that the country’s reputation as a safe and culturally respectful destination must be protected at all times.
By: Jacob Aggrey
