MP Calls for Closer Scrutiny of Govt's Economic Methods and Costs

Story by Fada Amakye

The Member of Parliament for Ofoase-Ayirebi, Eastern Region, has urged for a more detailed examination of the government’s economic policies, focusing on the methods used, costs incurred, and sustainability. Speaking in Parliament, the MP highlighted the need to assess the effectiveness of monetary policies, citing the example of currency stability achieved through heavy market intervention.

He questioned the cost of this approach, including the opportunity cost of using international reserves for intervention, and raised concerns about the sustainability of such methods’s.

The MP pointed out that the government’s heavy reliance on market intervention had been criticized by the minority, and that the restructuring of the Ghanaian economy had not been adequately addressed.

The MP also highlighted the environmental costs of gold reserves being used to support the currency, and the impact of sterilization policies on liquidity and demand levels. He emphasized the need for civil society and experts to scrutinize government policies beyond headline numbers, examining the underlying methods and costs.

Furthermore, the MP stressed that the current approach to monetary policy was unsustainable and called for a more comprehensive review of the government’s economic strategies. He urged policymakers to consider alternative approaches that prioritize long-term growth and stability over short-term gains.

The MP’s comments have sparked a renewed debate on the government’s economic policies, with many calling for greater transparency and accountability. As Ghana continues to grapple with economic challenges, the MP’s call for closer scrutiny of government policies is likely to be a key issue in the country’s economic discourse.