Deputy Ranking Member of Parliament’s Finance Committee, Dr. Gideon Boako, has taken issue with Finance Minister Dr. Cassiel Ato Forson’s assertions on Ghana’s economic recovery, arguing that the real measure of a currency’s strength lies in its purchasing power, not its performance on the foreign exchange market.
Contributing to the 2025 Mid-Year Budget debate on Monday, July 28, the Tano North MP stressed that while the cedi may show signs of stability in forex markets, the economic reality for Ghanaians is far from stable.
“Mr Speaker, the true power of a currency does not lie in its rate of exchange but in its purchasing power,” Dr. Boako asserted.
He pointed to the rising cost of goods, especially construction materials like cement, as evidence that economic growth claims aren’t translating to improved living conditions.
“In January 2025, cement was GHS 90. By April, it had shot up to GHS 130,” he noted.
Dr. Boako said this disconnect proves that the current economic policies aren’t easing the burden on ordinary citizens.
His comments reflect the broader concerns raised by the Minority, who are calling for policies that directly impact household welfare instead of focusing on macroeconomic figures alone.
