The Effia MP and a member of Parliament’s Finance Committee, Isaac Boamah-Nyarko, has stressed that rigorous scrutiny by the Minority in Parliament over the Bank of Ghana’s GH₵15.6 billion loss is essential to safeguarding Ghana’s economic stability and preventing a return to past fiscal challenges.
He argued that the Minority plays a critical constitutional role in reviewing government policies and economic data, warning that ignoring such oversight could expose the country to recurring economic difficulties.
“The Minority has a responsibility to scrutinise data and information that is brought before it and point out where we think the weaknesses and challenges are, so that government, if it is a listening government and not one that only makes issues out of nothing, will take them seriously.
“A government that sees some positives in the issues raised by the Minority should assure the public that, based on the information available and what we have also observed, these are the measures we are putting in place to strengthen the economy and ensure that the country does not fall back into the abyss or into the difficulties we previously experienced,” he said.
His comment follow the Member of Parliament for Sefwi Wiawso, Kofi Benteh Afful, describing critics of the central bank’s recent loss as individuals “seeking the doom of the economy.”
Mr. Boamah-Nyarko noted that Ghana’s economic challenges are not new, pointing out that the country has previously experienced periods of high inflation and fluctuating interest rates.
He cautioned against politicising economic discussions, stressing that constructive engagement between government and the Minority is necessary for long-term stability.
Mr. Boamah-Nyarko also referenced ongoing concerns raised by former Finance Minister and Ranking Member on the Finance Committee, Mohammed Amin Adam, describing them as part of the Minority’s duty to ensure transparency and policy discipline.
He maintained that economic progress must be assessed within a broader historical context, including reforms implemented under Ghana’s engagement with the International Monetary Fund.
He explained that some of the recent macroeconomic improvements are the result of earlier policy decisions, including fiscal tightening and structural adjustments agreed under the IMF programme.
Mr. Boamah-Nyarko urged policymakers to remain consistent in implementing sound economic measures, warning that any reversal of discipline could undermine recent gains.
He also emphasised the importance of building strong economic buffers, including reserves and prudent fiscal management, to cushion the economy against future shocks.
“The role of the Minority is not to oppose for opposition’s sake, but to ensure that the country does not slide back into economic instability,” he added.
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Source: www.myjoyonline.com