'Finance Committee to summon Minister over economic gains and building stronger buffer' – Effia MP

A member of the Finance Committee plans to summon the Finance Minister. They want to discuss the government's long-term strategy for economic gains.

Isaac Yaw Boamah-Nyarko spoke on JoyNews’ PM Express on May 26. He warned that Ghana could waste its current economic improvements without a clear plan.

“We’re going back to Parliament tomorrow,” he said. “We will ask the Finance Minister about the government’s strategy.”

The Effia MP wants to know how the government will build financial buffers. These buffers should help during tough times.

Mr. Boamah-Nyarko criticized the government's failure to turn good times into lasting resilience.

He noted, “We are quick to take praise but slow to plan.” He emphasized that sustainable mechanisms are necessary.

He referenced lessons from COVID-19 as evidence of Ghana's vulnerability. “Our fundamentals are weak,” he stressed.

The MP expressed concerns about Ghana’s gold reserve policy.

“As of December, our gold reserve was 30 tons,” he revealed. “Now, five months later, we sold almost 20 tons but added less than 1 ton.”

He questioned the logic behind this strategy and warned against relying on high commodity prices.

“We won’t have these high gold prices forever,” he stated. “Cocoa prices won't stay high indefinitely either.”

Mr. Boamah-Nyarko also sought clarity on stabilizing the cedi while strengthening reserves.

“If we use rainfall to lower the cedi, we must build reserves too,” he explained.

He compared Ghana’s performance with other countries' reserves. “The US has over 8,000 tons; the UK has over 2,000 tons,” he noted.

The Effia MP insisted that Parliament needs real answers, not temporary fixes.

“We want assurance from the Vice President about sustainable arrangements,” he concluded.