Cedi depreciation: We must collectively find solution – Haruna Iddrisu

The Member of Parliament (MP) for Tamale South, Haruna Iddrisu, has emphasised the need for a collective effort to tackle the ongoing depreciation of the cedi against the dollar.

Addressing the issue in Parliament on Tuesday, 14 November 2023, Mr Iddrisu called for the preservation of foreign exchange in the country.

“We must also, as a country, including those of us in the NDC, begin looking for answers, as to how to deal with the continuous depreciation of the cedi. We need to work to expand exports; we need to work to preserve foreign exchange in this country,” Mr Iddrisu stated.

The government is, however, planning to generate an additional GHS11 billion through new taxes in the upcoming 2024 Budget.

MP for Yapei-Kusawgu, John Jinapor, who disclosed this, indicated concerns about the existing tax burden on Ghanaians.

He urged Finance Minister Ken Ofori-Atta to focus on cost-cutting measures instead.

“We just met the Minister of Finance at the Finance Committee, and the minister indicated that he intends to raise an additional GHS11 billion, which is about 1 per cent of GDP. But we have told him that we think that the people have been taxed so much, so, it will be inappropriate to come with new taxes. Rather, the minister should look at cost-cutting,” Mr Jinapor noted.

The Finance Minister is scheduled to present government’s 2024 Annual Budget Statement and Economic Policy to Parliament on Wednesday, 15 November 2023.