Order your appointees to release the foreign currencies – Ato Forson to Akufo-Addo

Minority Leader, Dr Cassiel Ato Forson, has called on President Nana Akufo-Addo to instruct his appointees who are hoarding foreign currencies to release them to mitigate the free fall of the Cedi.

Addressing the media during a press conference on Wednesday, May 15, the lawmaker alleged that government appointees are hoarding dollars for personal gains, thus starving the economy of foreign currency.

“We call on the Akufo-Addo government to among others order his appointees to release the FX stashed in their homes,” Cassiel Ato Forson.

Dr Ato Forson also condemned the government for borrowing GH¢7 billion from the treasury bills market to settle contractor payments not captured in budgetary allocations.

“They are on an expenditure spree, spending money as if there is no tomorrow. In the last few days, we are aware that they have paid approximately GH¢7 billion to contractors, off-budget contractors, off-budget expenditures, GH¢7 billion.”

According to Ato Forson, after borrowing the money to pay the contractors, the latter engaged in currency substitution due to the exchange rate volatility.

“They borrowed from the T-Bill market, so they borrowed the money from ordinary Ghanaians then they paid this money to these contractors, and the contractors are also not certain so they have engaged in currency substitution.“

“The contractors got cedis and went and changed it into US dollars and kept the money because of a lack of confidence in the economy,” Ato Forson noted.