Ken Ofori-Atta, the finance minister, insists that he has handled the country’s budgetary affairs with caution.
The Minister’s bad management of the economy, which is in terrible shape, has led to calls for his resignation.
In the first ten months of this year, the Cedi’s value has fallen by more than 50% in relation to the US dollar.
According to evaluations by Bloomberg, the cedi is currently the weakest significant currency in the world as a result of the trend.
“Fiscal recklessness leading to the crash of the Ghana cedi which is currently the worst performing currency in the world” was one of seven grounds put forward by the Minority to demand the removal of Mr. Ofori-Atta.
In response to the Minority’s complaints that Mr. Ofori-Atta should be removed from office, Mr. Ofori-Atta said that he has not at all been careless in the handling of the nation’s finances before the ad hoc committee established by the Speaker of Parliament to investigate the claims.
However, he said that the government’s “diligent measures to safeguard the public purse is what has benefited.”
He contends that he always reported proposed government revenue and spending figures to Parliament as required, and that body’s members voiced no objections.
The delay in the E-levy’s passage by Parliament, according to the finance minister, has cost the nation money.
“On all occasions I have come to Parliament to present the annual or mid-year budget, I have discussed all propositions of government in revenue and expenditure and financing, and on all these occasions, I have received approval as Parliament subsequently passed appropriation bills on them.”
“Every key expenditure made has been supported by this house. Indeed, we also saw the dire consequences when the house for months refused to pass a major revenue generation item introduced by the government to support the fiscal stability of the economy.”
For the month of October 2022, Ghana’s inflation rate reached an all-time high of 40.4 percent.
The Ghana Statistical Service (GSS) published statistics on the Consumer Price Index (CPI) on Wednesday, November 9, 2022, which reflected this.
According to the figures, inflation for both food and non-food increased to 43.7 percent and 37.8 percent, respectively.