Thursday, 29th May, 2025
Hon Nelson Kofi Djabab
Krachi East
Thank you very much, Mr Speaker, for this great opportunity to bring to the attention of this august House a matter of great concern for the Ghanaian, especially the consuming public.
The situation at hand is the significant appreciation of the Ghana cedi against the major trading currencies, while prices of goods and services remain largely unchanged.
Mr Speaker, the Ghanaian cedi has long been characterised by persistent volatility, often undermining economic stability and investor confidence. For years, the currency has been on a steady downwards trajectory against major international currencies, such as the US dollar, British pound, Euro and Japanese Yen. In the 2024 fiscal year, the Cedi was ranked among the four worstperforming currencies in sub-Saharan Africa, according to Bloomberg and the World Bank report in August and October, respectively. In November 2024, the cedi depreciated by 3.95 per cent against the dollar, making a cumulative decline of nearly 29 per cent in the year, translating to GH₵17.10 to US$1.
Mr Speaker, according to the Ghana Statistical Service report, inflation rose to 23.8 per cent in December 2024. Food inflation jumped from 25.9 per cent to 27.8 per cent. In such a profound hardship, the vulnerable Ghanaian population bore the brunt of the impact as the rising cost of living significantly diminished household purchasing power.
Mr Speaker, currently, the Ghanaian cedi has demonstrated a remarkable turnaround, shifting from one of subSaharan Africa’s worst-performing currencies in 2024 to the bestperforming currency globally in 2025. On 21st May, 2025, the cedi had appreciated against all the currencies by 24 per cent against the US dollar, 16.2 per cent against the British pound and 14.1 per cent against the euro, according to the Bank of Ghana report.
Mr Speaker, headline inflation has declined consecutively in the first four months of the year by 2.6 per cent down to 21.2 per cent in April, down from 23.5 per cent to 23.1 per cent and 22.4 per cent in January, February and March respectively. Food inflation has declined to 25 per cent from 26 per cent, while non-food inflation has dropped to 17.9 per cent from 18.7 per cent. It is anticipated that inflation could fall to 12 per cent by the end of 2025.
Mr Speaker, prices of petroleum products have witnessed the biggest decline at the pump since 16th May, 2025. Petrol and diesel are now selling for GH₵13.27 and GH₵14.40 per litre respectively. Transportation fares have been reduced by 15 per cent since 24th May, 2025. These reliefs are borne out of a result of the Bank of Ghana and government’s prudent fiscal operations to confront economic challenges in the country.
Mr Speaker, notwithstanding the cedi appreciation, decline of inflation, reduction of transport fares and decline of petroleum prices, food and non-food prices remain largely unchanged, which the consuming public are greatly dissatisfied with. If the cedi’s depreciation warranted price increases in the past, it is only fair and just that this appreciation leads to corresponding price reductions. This is not only a matter of economic policy but also of social equity and consumer protection. The upward trend should translate into lower prices of goods and services, similar to how fuel prices and transportation fares have been reduced. The currency stability should benefit consumers, thus there should be some relief to the consuming public.
Mr Speaker, the Minister for Trade, Agribusiness and Industry has assured consumers of price reductions in the cost of goods and services in the next 60 days. However, it remains prudent for Parliament, as a major arm of government, to call on the trading community to adjust their prices in response to the current appreciation of the Ghana cedi against the other major trading currencies.
Mr Speaker, therefore, I humbly call on the Association of Ghana Industries (AGI), the Ghana National Chamber of Commerce, the Ghana Union of Traders Association (GUTA), and all relevant stakeholder groups within the supply chain, including importers, wholesalers, resellers and market associations, to act in good faith and reflect the current economic realities in their price mechanisms.
To conclude, Mr Speaker, I appreciate the opportunity granted me and I salute the Ministry of Finance, the Bank of Ghana, Ministry of Trade, Agribusiness and Industry, and all stakeholders for their relentless efforts in the cedi appreciation. I urge this House to lend its voice in calling for transparency and fairness in market practices. Let us ensure that the gains from the currency’s appreciation are not limited to microeconomic indicators, but are felt directly by the ordinary Ghanaian. We owe it to our constituents to advocate for responsive and equitable market places.
Thank you very much, Mr Speaker, for the opportunity granted me.
Hon Abdul Kabiru Tiah Mahama
Walewale
Thank you, Mr Speaker.
Just to say that the Clerks-at the-Table call it “Karibu”, so they should take note. For the two days of roll call they have been mentioning my name as “Karibu”. The middle name is “Tiah”, not “Taih”. Mr Speaker, the maker of the Statement brought to the fore an important issue of how the exchange rate, that is, the Ghanaian cedi has appreciated, but we do not have a corresponding decrease or downward trends in the prices of goods and services in the market.
Mr Speaker, over the past two weeks, we have laboured in the political discourse and tried to dissect the causes of the appreciation of the Ghanaian cedi, and different views have been proffered. 1.06 p.m. There are some schools of thought that hold the view that the reason for the appreciation of the Ghana Cedi is the reserve position we have, which the President of the Republic himself has admitted. There are others who also think that the fiscal policy of Government is contributing, that is, Government being heavy-handed in cotton expenditure and holding the purse tight. There are other people who hold the view that the monetary policy by the Central Bank is contributing.
Mr Speaker, all these reasons are by conjecture. In other words, we are trying to assign possible reasons for the appreciation of the Ghana Cedi. We do not have, as of now, concrete reasons because no modelling has been done by a causal relationship to determine which of these factors are contributing to the appreciation of the Ghana Cedi. So, we are living in the realms of conjecture, and because those factors we have mentioned are all possible causes of the appreciation of the Cedi, it is well and good, and it is within the right of everyone to mention them. But we do not know what is actually contributing to it. We can only conjecture, but those conjectures are rational conjectures they can make.
Mr Speaker, we know that the forex and price relationship are something that we have always been lamenting on, but we do not expect prices to decrease just because the exchange rate is coming down. It is only that part of the exchange rate that is imported, that is, that part of the prices of goods and services that is imported into the country that we expect to decrease. So, if we do not have imported inflation, we do not expect the rate at which prices of goods and services are coming down to be that significant. So, if we look at the basket of goods and services, and we so realise that much of the goods consumed are coming from outside the country, then, rationally and reasonably, any adjustment in our exchange rate, the appreciation of the Ghana Cedi should have a corresponding decrease in prices of goods and services in the market.
Mr Speaker, we are not talking of a decrease in prices, but we have to look at the rate at which the prices are increasing, because we have not had negative inflation. And if inflation is 10 per cent, we do not expect goods and services to decrease in the market. We are only expecting the rate at which the prices are increasing to slow down. So, when people say, inflation is coming down so prices of goods should come down, it is not so logical a statement to make, because inflation, until we have disinflation, prices of goods and services will expect to at least adjust upwards. Mr Speaker, there is another reason prices of goods and services are not coming down.
Mr Speaker, there is this principle, the Keynesian principle of sticky prices. Sticky prices is a very well-tested principle in economics by Mr Keynes, a Nobel Prize winner. Mr Speaker, in the short run, because markets do not adjust so quickly, we have only experienced one month depreciation of the currency; only one month. It is so short a time for us to have a corresponding decrease in prices, because prices are not sticking downwards, especially if the prices are not able to adjust to changes in aggregate demand and supply in the short term. That is the reason we are having the slow pace of disinflationary pressure that we expect to see.
Mr Speaker, another reason is that, traders have acquired goods at certain prices. The stock of goods acquired are supposed to finish before they can talk of increasing or decreasing prices. If I go to, say, China, and I bought 100 bags of, say, clothing, each at US$100, and I come to the country, and the prices are — our Cedi is increasing, then I have to finish the stock before I can begin to consider reducing prices. Otherwise, there is what we call the fear pricing. If I reduce to clear now, if I go and the exchange rate should appreciate, or the dollar should gain value, I cannot buy the same stock. So, it is only reasonable for the traders to behave the way they are behaving. And until we do something significant about the structure of the economy, we expect this particular thing to —
Mr Speaker, unfortunately, there is nothing the Government can do about the price situation. That is an unfortunate situation. Because we have committed to ourselves, a liberal pricing regime. And that is what the Minister for Trade, Agribusiness and Industry stated. Unfortunately, they cannot go to the market and ask people to reduce prices. Government can do absolutely nothing about it. That is the reality we have to face or we are faced with. Because prices of goods and services are determined by demand and supply, and the traders are at will in the liberal market to set prices. If one has the wherewithal to buy, one comes and buys. If one does not have the wherewithal, then we have to reintroduce control regime, and that we have for so long abandoned. Price control is no more part of our economic management basket of tools we use to manage our economy. Unless, of course, we want to go back there.
Mr Speaker, Government can do very little. But we can use moral suasion. Moral suasion in the sense that the continual application or appeal to the conscience of the trader that when the general conditions of the economy is good, they must reflect that in their pricing. Once we do that, I am sure some traders out of magnanimity would try to adjust their prices down.
Mr Speaker, the other solution to this is the sustained appreciation of the Ghana Cedi or if we have this current appreciation of the Cedi to sustain for a long time, the prices can then adjust to this appreciation in the long term. But if we have it to be so erratic that the next month, it will appreciate, the next month it will depreciate, traders cannot balance their books. Traders cannot plan for this particular erratic exchange rate. The way forward is for Government to make sure that the current gains we are experiencing in the market — Let me commend the Government.
The current gains in the Ghana Cedi, if I have to complete the statement, Mr Speaker, is something commendable. And the reasons we have all argued about are well for everyone to see. That is, the foreign exchange reserve position that we built for them, the fiscal and monetary policy adherence by the current Government, and also the gold purchase programme that we instituted and was inherited by this current Government. These are the possible causes of the appreciation of the Cedi, and we have to commend the Government for achieving that.
And we would all be happy to have a very stable exchange rate regime, because it benefits every Ghanaian. It has nothing to do with National Democratic Congress (NDC) or the New Patriotic Party (NPP). Every single person in the market feels the impact of exchange rate volatility. And it is a point that we need to— We are encouraging the Minister for Finance to do more about the structure of the economy; the production sector. And it is quite unfortunate that the Ministry of Finance is not spending.
Mr Speaker, if the driver of the economy, the main spender in the economy is not spending, production is going to shrink. And when production shrinks, it goes into our export capacity. And once our export capacity is endangered, it goes into the revenue we will get, and the size of the economy shrinking means that we cannot compete favourably with other countries.
Mr Speaker, that is the danger we are faced with, a government decision not to spend. I am just encouraging the Minister for Finance to at least, start to spend in the productive sectors. The Government must start to spend in the productive sectors. Dr Ato Forson should start to spend.
Mr Speaker, it is quite unfortunate when people say Government is spending on salary. Consumption has never been a determinant of the growth of the economy. The size of the expenditure going into consumption determines how serious we are as a country, or otherwise, if we want to grow. And I think that when people talk about payment of salary and compensation, they should think that we are talking about expenditure into the agricultural sector. How much of our production will help the farmers to grow? We are talking about production into the industries.
How many factories are we setting? We are talking about production into the construction of roads. What is the investment we are doing in social and capital? These are the expenditures we are expecting the Government to think about. These are the areas we want the Government to think about, but not to say we are paying salaries. Of course, every government pays salary. It is not a salary that we are interested in. We are interested in the productive sector of the economy. That is not what we are seeing. Because since the Government came to power, almost six months,
Mr Speaker, thank you very much.
Hon Eric Afful
Amenfi West
Let me thank you so much, Mr Speaker, for the opportunity to make a contribution to this insightful Statement.
Let me also thank the maker of the Statement for bringing what is happening in the country to the fore, which most of us, especially those on the other Side, want to know the causes of the appreciation of the cedi and the depreciation of the hard currencies in the world.
Mr Speaker, let me put on record that the appreciation of the cedi that my Colleagues on the other Side wanted to know its cause is not a magic. It is the good handiwork of this Government.
Mr Speaker, my Friends should not forget that the Ghanaian economy is import oriented—Listen to me, we are in a classroom — [Interruption] — Import oriented means that we import so much into the country and therefore, the cause they want to hear are not to be elaborated in the course of the week, but let me say that it is the prudent management of the import sector of this economy.
Mr Speaker, more so, let me say that the Government expenditure that my Colleague spoke about the Government not spending, let everybody note that Government expenditure is an injector to the contribution and the development of the country. They go and read macroeconomics; it is an injector. Therefore, if the Government will spend the GH₵292 billion appropriated to it, it would increase the development of the economy. We are going to spend within the prudent productive sectors, so, please. I am very happy that my Colleague applauded the Government for the good things they are doing in the country before he sat down. Let me come back to prices. When things happen like that, it does not take two or three days to cause a price reduction. Naturally, automatically, the prices would reform within itself.
So, please, Mr Speaker, let me clear the air that the appreciation of the cedi and the depreciation of the hard currencies is not magic; it is the good handiwork of this Government.
Thank you so much, Mr Speaker.
Hon Isaac Boamah-Nyarko
Effia
Thank you very much, Mr Speaker, for the opportunity to comment on the Statement made by my Hon Colleague.
I think it is important that, as a House, this conversation has come, so that we would be able to, at least, straighten some of the issues that have been going on within the public space and also to encourage the Government to do what is right to sustain this appreciation of the cedi as we see today. Let me start by commending the Government for what is happening.
After all, at the end of the day, they are the people in power and the ones that, in their time, we are experiencing this particular appreciation of the cedi. But the reality is that this is not the first time the cedi has appreciated in the history of this country. If we go back to 2017 to 2020, Ghana was known as one of the best managed economies in this world, until their most popular COVID-19 struck. Then, as a result of that, a Statement by His Excellency the President at the time was that during such crisis, the economic situation of a country can go down as we save lives because we cannot reverse lives.
But when an economic situation goes on the downturn, we can put in pragmatic measures to get it reversed. It is out of this big vision of His Excellency Nana Addo Dankwa Akufo-Addo and Dr Alhaji Mahamudu Bawumia that led this country to see a remarkable recovery in this economy of Ghana as at December 2024. Per the Budget Statement read by Hon Ato Forson and the statement of the President of the Republic, John Dramani Mahama, it is on record that the reserves of this country that was put together by the NPP Government, which gave us 30 tonnes of gold, was the foundational basis upon which the subsequent purchase of gold by Precious Mineral Marketing Company (PMMC) and by the Ghana Gold Board gave us the leverage to pump in much more foreign exchange that is causing the appreciation of the cedi against the other foreign currencies. That is factual.
Now, the question I want to put on record is that, as much as we give Ato Forson the glory for what is going on, our advice is that, again, this is not the first time, because gold is at its appreciable highest level. Cocoa is also selling at a very good rate, but this will never be there forever. Every time we glory, we do not put in place the structures that build the sustainability of this country. So, when the Hon Minister is here or while Hon Sam George is listening, when he goes to Cabinet, he should advise Government that Ghanaians are not only looking at the appreciation today, but the sustainability of it, so that we have a stronger economy that will stand the test of time.
To do that, it is important that Government comes up with clear-cut policies that will grow the economy. We cannot always rely on gold that is being pushed into the market. Because as I said, gold has appreciated to over US$3,000 to US$3,500, and we have come from a situation where gold was as low as US$800 to US$1,000, so the dynamics can change. When they change, where would be our fundamentals? Since January till date, the addition of Government to the gold reserves of this country is less than one tonne; that is on record.
So, if for five months they have added only less than a tonne, and we are going into the middle to the end of year, what is the strategic direction of the Government to make sure that we build up our reserves to be able to stand the shocks that may come in the future? We do not want to see this economy crumble. We are happy to see this economy succeed, and when it succeeds, it succeeds for all of us. That does not mean that we should not caution Government. That does not mean that we should not give Government the needed cross-checks to make sure that the Government does what is necessary.
Mr Speaker, with the production sector of this country, Government has come here to pass legislations; Bills have been given to us, and taxes are being removed. So far, which of the taxes we have handled in this House goes to the core of the productive sector of this economy? None. So, it is important that during this second half of Parliament, till the end, and during the Mid-Year Review of the Budget, Government comes up with policies that will grow the economy, so that we will be able to grow and diversify our exports and bring in much more foreign currency to develop this country.
With this, Mr Speaker, I want to still commend Government because it is their time. Let them enjoy and make hay while the sun shines, but as much as possible, they should also make sure that they show us the pragmatic and sustainable way in keeping the cedi up.
With these few words, I want to thank you, Mr Speaker, for the opportunity.
Hon Sebastian Fred Deh
Kpando
Thank you, Mr Speaker. Mr Speaker, I want to commend my Colleague, the Backbencher, for making such a beautiful and well-researched Statement.
I listened to the Statement very carefully, and I can confirm that all the figures that he sought to bring to the fore are correct, and he actually went to inform what he put out, and I think that that is commendable. Indeed, let it be on record as it is always said that Parliament is a house of record.
Therefore, there are certain things that when we say on the floor of Parliament, we need to anchor it based on things that have happened here. Indeed, what is happening, and everybody in Ghana must be proud of, is the appreciation of our currency, the cedi, and if one does simple research by googling the effect or cause of the appreciation of the cedi, nothing would be hidden from the fact that key to this is the fiscal discipline that this Government has championed. It is a major cause of the appreciation of the cedi against all major currencies, including the almighty dollar.
That is a fact. Indeed, I am happy that my Colleague who made a Statement before me said that increasing our gold reserve is part of it, and he tried to link it to the past Government. But, indeed, we are in Parliament, and it is a known fact that what actually led to sanitising how we harness our gold reserves is all anchored on the law we laboured to pass in this House, which led to the creation of the Gold Board. That is a creation of the current Government, and it is part of what we are seeing today.
The creation of the Gold Board is a major cause of the fruits we are harnessing or seeing today. Indeed, other factors can be adduced or can be said to relate to this, including global shifts, which has made the dollar weaker against all major currencies in the world. That is also a fact of it, and we can also say prices of major exports, including gold and cocoa that Ghana exports, can also be attributed to this. These are facts that must be made on the floor of Parliament of Ghana, so that we educate everybody, including our children and students who are learning from us.
I will limit my contribution guided by Order 93(5), which requires that we are brief in commenting on Statements made by other people by pointing out that it is necessary that, in commenting on such things, we also try to postulate some solutions or proffer some solutions that will lead into a better future. Critical in what we must do is to ensure that what this Government is doing right now, which is the fiscal discipline required to stabilise this economy, is maintained. It is very necessary that we do that.
It is also important that we diversify this economy. That is why it is necessary for us to applaud the Government that all the policies and the underlying factors that are supporting the 24-Hour Economy are to diversify our exports, by producing more, enhancing our agribusiness, et cetera. These are things that will increase our exports and, therefore, stabilise the cedi and lead to a better economy. These are things that we need to debate about.
These are things we need to point out, so that people who listen to Parliament can learn that we are actually discussing matters that will lead to Ghana’s better future.
I commend my Colleague for bringing this to the fore, and I am happy that the speakers that came before me pointed out that the issue to ensure that our prices remain the same or are doused cannot be done by coercing anybody in the market, but this would actually be done by ensuring that the forces of demand and supply are brought to bear on the situation, and that is exactly what the Government is doing.
That is why all the agents that are necessary to ensure that this thing is done, the likes of Ghana Union of Traders Association (GUTA), market associations, et cetera, are all being brought to see the benefits that will inure to this country, particularly the business community, from the stabilisation of the cedi.
I thank the maker of the Statement, and I thank you, Mr Speaker, for giving me the opportunity to comment on it.
Hon Akwasi Gyamfi Onyina-Acheampong
Kwabre East
Mr Speaker, thank you, and I thank the Hon Minority Chief Whip. I would like to add my voice to the commentary that is ongoing on the Statement that has been made.
Mr Speaker, for the sake of nationalism, we are all happy when the cedi appreciates because it brings some form of relief to everyone in the country. Various speakers have given reasons or attempted to give reasons we are experiencing this appreciation of the cedi. I think one thing that was left out was a US$490million International Monetary Fund (IMF) bailout that has also been injected into the system.
Mr Speaker, now, other speakers mentioned the gold reserves and the appreciation in terms of the value of the prices that we receive from our major exports, including gold and cocoa. One would realise that there has not been any form of ingenuity; nothing new has been done from what the previous Government was doing.
Mr Speaker, ingenuity is formed when we are in crisis situations. One would remember that when we had crisis situations was where the Gold for Reserves and Gold for Oil policies were birthed by the previous Administration. In this sense, we are not seeing any ingenuity. It is all well and good that it is going well for the country.
Mr Speaker, my Colleague from the other Side said there has been fiscal discipline. I would like to reiterate that fiscal discipline is not equal to not spending. Fiscal discipline is not equal to not paying contractors or suppliers. Fiscal discipline is when concrete measures have been put in place to ensure that the currency is stable and to ensure the Government remain well within the budgetary allocations.
Mr Speaker, when it comes to the prices and why they are not going down, one reason we can give is the constant increase in the cost of production. If the cost of production for our goods is still high, when, for example, we can see in the price of cement at the moment that even though the cedi is appreciating, the price of cement has moved from GH₵80 to now between GH₵125 and GH₵135. If the cost of production continues to rise in the country, then even though the cedi is appreciating, we will still have higher prices.
Number two is the seeming lack of confidence in the current appreciation of the cedi. When people are expecting that the cedi will not be stable, it might also depreciate in the near future, then they are not going to reduce their prices.
Mr Speaker, I would also like to draw the attention of policymakers to the fact that the keyword is the stability of the cedi. We risk having high prices for our export commodities if the cedi continues to appreciate to a certain level. For example, if we get GH₵1 to US$ 1, it means that eventually the prices of our commodities internationally would go up, and we are going to be less competitive on the international front. So there has to be a point where the cedi stabilises so that our prices on the international front will be competitive when it comes to us competing with other countries.
Mr Speaker, to end, I would like to add my voice to moral suasion. I would also like to plead with businessmen and people of industry in this country to make sure that our prices come down. Sometimes when prices go up, they immediately increase their prices, but when prices come down, they give all manner of excuses on why they cannot reduce their prices, because they want to earn profit higher than what they should be earning. So I would like to plead with people in the industry that once the cedi appreciates and the prices of imports are going down, it means that they should also help the country by reducing their prices and ensuring that the economy is all well and good.
Thank you, Mr Speaker, for giving me the opportunity.
Hon Richard Acheampong
Bia East
Mr Speaker, thank you very much for the opportunity to commend the maker of the Statement.
Mr Speaker, the content of the Statement is very clear. Our Colleague is begging the business community to reduce their prices so that citizens will have a feel of the appreciation of the Ghanaian cedi. The Members are speaking different languages, asking about the cause of the appreciation. That was not the content of the Statement.
But at the end of the day, if prices of goods and services are reduced, all of us are going to benefit. If one goes to the market and asks for the price of a commodity, they will not ask for the political colour or affiliation. We have seen the appreciation of the Ghanaian cedi. This is also the time to urge our brothers and sisters to let the appreciation reflect in the lives of the people. This is an open and customerbased market. So let us educate them.
Do window shopping—If you go to shop A, and the price is GH₵50, and that of shop B is GH₵40, buy the one which is GH₵40 to punish the one who is selling it at GH₵50. But my noble friend was telling us that what they did in 2024 has yielded all these positive results. Why is it that we did not see that appreciation in 2024? They did all these things, but the dollar was hovering around GH₵18; let us peg it at GH₵17.
Mr Speaker, in 2024, if one owed somebody US$10,000, one would need GH₵170,000 to pay that debt. Today, that same US$10,000, one will need GH₵110,000 to pay that debt; they have made a savings of GH₵60,000. Na wo mpɛ wei, wo pɛ dɛn? When they were in Government, they did not understand this economics— Mr Speaker, to wit: if you do not like this, what again do you expect from us?
Mr Speaker, let us all support the call, so that the appreciation will reflect in the lives of Ghanaians on the streets. It is not about NDC or NPP. We have a policy called “Gold for Forest” and “Gold for Reserves”. The whole of 2024, the earnings from the gold that we sold gave us about US$4.3 billion.
Up to April this year, Mr Speaker, it has reflected US$2.7 billion. In less than four months, US$2.7 billion. So, if one is saying it is about 0.0 tonnes, it is giving us US$2.7 billion. So just imagine, the whole of 2024, they got US$4.3 billion and in four months, US$2.7 billion. Which one is better? Let us support this Administration. We took over assets and liabilities. When they had challenges with electricity, they said it was John Mahama. When the cedi is appreciating, they say it is Bawumia. They cannot choose and pick. We are in charge. The Government is disciplined in terms of expenditure.
Mr Speaker, the Government is cutting back expenditure. We are not wasting too many resources in the name of a cathedral. How can we spend US$58 million to dig a hole? Mr Speaker, I heard my Colleagues say that we are not paying contractors. For their information, we have started paying contractors. I am telling them; we are paying contractors. They should call their contractor friends. We are paying contractors. So we are spending.
Mr Speaker, Order 93(5) reads: A Member may comment on the statement for a period not exceeding five minutes, and the comment shall not provoke debate. So, I am correcting what they did.
So, Mr Speaker, we have one nation, and we are one people. The Minister for Finance is dealing with the fiscal aspect of the economy and Bank of Ghana is also dealing with the policy aspect of it. Put the two together, and we are just seeing this appreciation of the cedi. So it is not about any theory that somebody is proposing that this is fundamental and all that. We have seen what is happening physically; we are living it, and we are enjoying. So let us thank this Administration; let us thank the good people of this country that they voted for a good Government. That is why we are benefiting under this administration. The era of NPP is gone; now NDC is in charge. Just watch us. We are in charge, and we will make sure we deliver on our mandate.
Mr Speaker, this is a good call. As my good Friend said, there is no way we can force any trader to reduce his or her prices; we cannot do that. But let us educate the customers to choose and pick, so that they can punish those people who are overpricing. For example, people are saying they have imported the goods already. They bought it at a higher price but now, the cedi is appreciating and that if they reduce the prices, they cannot go to the market and buy new stuff. It is a very laudable suggestion, but assuming the cedi was depreciating, would they wait for this? No! Quickly, they will increase the prices. So let us try to find a balancing act here so that at least all of us will benefit.
Mr Speaker, I thank you very much for the opportunity.
AskParly