The Minority in Parliament has appealed to President Nana Addo Dankwa Akufo-Addo to heed a call by his predecessor former President Dramani Mahama for an urgent national dialogue to help save the economy from total collapse.
According to Caucus, while at it the President also needs to dismiss his cousin Finance Minister Ken Ofori-Atta to allow for new thinking in the ongoing negotiations with the International Monetary Fund (IMF).
“Such a step will make it unnecessary for the Minority to proceed with its much-anticipated motion to censure the Mr. Ken Ofori-Atta, the Minister of Finance,” the side stated.
The Minority led by former Deputy Defence Minister under the Mahama administration and Ranking Member of the Defense and Interior Committee, James Agalga, addressed the media in Parliament on Tuesday, November 8 on the current economic challenges and its repercussion on national security.
The Caucus expressed alarm at the unprecedented economic meltdown the country is currently faced with and its implication for national security.
According to Mr. Agalga, official data sources indicate Ghana’s annual inflation rate accelerated for the 17th straight month to 37.2% in October 2022.
“However, the reality on the ground is that in some specific cases inflation is well above 50%.”
“These figures represent the highest inflation rate the country has seen in several decades.”
Even more alarming is the country’s Debt-to-GDP ratio. The World Bank in its Africa Pulse report released in October, 2022 projected that Ghana would end 2022 with a Debt-to GDP ratio of 104%.”
“The Ghana Cedi on the other hand has now been adjudged by Bloomberg as the worst performing currency in the World, overtaking bankrupt Sri Lanka’s rupee, having slumped by more than 45%. Currently one needs almost GH₵14.00 to purchase 1USD,” he stated.
According to him, the resultant job losses, spike in transport fares and general hardship suffered by Ghanaians, without doubt, portends grave danger for our country’s security.
He warned that if care is not taken, Ghana could soon be heading in the direction of Sri Lanka, the South East Asian country that went bankrupt due to economic mismanagement eventually resulting in mass protests and demonstrations and the eventual collapse of that country’s government.
The Minority in Parliament, he said, owes it a sacred duty to protect the 4th Republican Constitutional order and arouse the consciousness of President Akufo Addo and his government to the security threats arising out of the economic malaise unleashed on us.
He observed that President Akufo Addo himself recognises the fact of a strong symbiotic linkage between ensuring economic security and overall national security following his launch of Ghana’s National Security strategy.
The Minority noted the first step to addressing the current situation is to let go of the Finance Minister and the Government’s Economic Management Team for a new competent team to take over.