A member of Parliament's Finance Committee is planning to call in the Finance Minister to talk about how the government plans to keep the economy strong and safe for the future.
Isaac Yaw Boamah-Nyarko, who represents Effia, shared this news on JoyNews’ PM Express on Monday, May 26. He said that during the next meeting in Parliament, they will ask the Finance Minister for more details about the government's plans.
Mr. Boamah-Nyarko warned that if there isn’t a solid plan, Ghana might lose the progress it has made in its economy. “We want to know how the government plans to create safety nets that will help us deal with tough times ahead,” he explained.
He also pointed out that the government often celebrates when the economy is doing well but doesn’t always plan for the future. “We are quick to enjoy the good times, but we need to make sure we have strong systems in place,” he said.
The MP mentioned that the COVID-19 pandemic showed how weak some parts of Ghana’s economy really are. “The pandemic showed us where we need to improve,” he emphasized.
Mr. Boamah-Nyarko raised some serious questions about Ghana’s gold reserves. “At the end of December, we had 30 tons of gold. But just five months later, we sold almost 20 tons, and we’ve added less than 1 ton back,” he revealed.
He also warned against depending too much on high prices for gold and cocoa. “These prices won’t stay this high forever,” he cautioned.
The MP also wants to know how the government plans to keep the cedi (Ghana's currency) stable while also building up foreign reserves. “If the government wants to use this good economic time to lower the cedi’s value, they need to make sure we are still increasing our reserves,” he said. He compared Ghana’s reserves to those of other countries, noting that the US has over 8,000 tons of gold, and the UK has more than 2,000 tons.
Mr. Boamah-Nyarko said that Parliament is looking for real, long-lasting solutions, not just quick fixes. “We want the Vice President, who leads the Economic Management Team, to promise us that these plans are not just a temporary solution,” he concluded.