The Deputy Ranking Member on Parliament’s Finance Committee, Dr Gideon Boako, has challenged the Finance Minister, Dr Cassiel Ato Forson’s narrative on economic recovery.
The Tano North MP argues that the true strength of a currency should be assessed by its purchasing power rather than its performance on the foreign exchange market.
Speaking during the debate on the 2025 Mid-Year Budget Review on Monday, 28 July, Dr Boako stated, “Mr Speaker, the true power of a currency does not lie in its rate of exchange but the purchasing power of that currency.”
He contended that although the Cedi may appear stable in forex markets, this stability is not reflected in the cost of everyday essentials.
Dr Boako cited the rising cost of construction materials as an example of this disconnect. “Yes, we have stability, but what is the purchasing power of the Cedi today?” he questioned.
“Mr Speaker, cement prices were in January 2025 at GH¢90 but at GH¢130 as at April,” he added, stressing that such increases show that Ghanaians are not feeling the purported economic improvements.
The MP’s remarks form part of the Minority’s broader critique of the Finance Minister’s mid-year update, calling for a more practical approach to economic recovery that prioritises real improvements in household welfare over abstract fiscal indicators.
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