Government has 'destroyed' economy hence it can't borrow – Edward Bawa

Member of Parliament for Bongo, Edward Bawa, has accused the government of destroying the economy hence they cannot go on the international market to borrow.

He attributed the current challenges the economy is going through to the mismanagement by the government.

“[Government] has ran-down the economy,” he said on the Key Points on TV3 Saturday March 19.

Also speaking on the same programme, a Deputy Minister of Energy, Andrew Egyapa Mercer noted that the fall of the Cedi is as a result of the recent downgrade of the economy by some credit rating agencies.

He mentioned that steps are being taken by the government in collaboration with the Bank of Ghana (BoG) to take some steps to strengthen the Cedi.

The cedi is currently trading beyond 7 cedis to the dollar. Analysts have predicted it is most likely to cross the 8 cedi mark.

“The cedi is depreciating at a faster rate owing to the downgrade by the rating agencies and some speculations by people scrambling for the dollar.

“A key consideration that has been tabled is to see how Bank of Ghana can intervene to create some FX market that makes forex availability for importers.

“A meeting has been scheduled to that effect,” he said.