Post-Mid-Year Budget Review: Foreign exchange market now controlled by house helps – Ricketts-Hagan

The Member of Parliament for Cape Coast South, George Kweku Ricketts-Hagan, has said it seems that house helps, and young individuals are playing an unexpected role in influencing the foreign exchange.

The light comments by the MP came as a reaction to the 2023 Mid-Year Budget Review presented to parliament by the Minister for Finance, Ken Ofori-Atta.

In presenting the mid-year budget review, the finance minister indicated that the government has been able to stabilize the exchange rate.

However, to the Cape Coast South MP, that statement by Ken Ofori-Atta is not the case.

“On a lighter note, the foreign exchange market is now being controlled by house girls and house boys who are now flooding the market with dollars,” he said.

the MP further questioned the government's optimistic growth projections in the face of challenging economic conditions.

He said the country so engulf with debt such that that government cannot realise the predictions it has indicated in the mid-year budget.

“Another projection with growth when everything is going down hell, you are projecting that you are going to grow. Wherever you turn, debt has engulfed us. Now they’ve come back and say they will grow.

“Again, the budget was read around in November, I was so highly suspicious if this exchange rate. Because at that time, things were just escalating.

“These guys came, and they say we expect inflation to be 28% at the end of the year. In today’s budget, inflation is around 54%,” he added.

NW/OGB

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