The Minority Caucus in Parliament has called on Vice President, Dr Mohammudu Bawumia to resign for his gross failure to manage the country

They added that, President Akufo-Addo should also with immediate effect dissolve the Economic Management Team (EMT) headed by Vice President Dr Mahamudu Bawumia.

According to Ranking Member of the Mines and Energy Committee, the EMT has failed to live up to expectations and superintended over the total collapse of the Ghanaian cedi.

The Minority, which made the call argued the cedi is at a ridiculous exchange rate of GH¢8.5 to a dollar as of Friday, March 18, 2022, and still going up.

According to the NDC MPs, the Cedis is now the worst in Africa in terms of performance with other major currencies.

Hon John Jinapor, Ranking of Energy

Addressing the media in parliament on Friday, March 18, 2022, the Yapei-Kusawgu MP said the Akufo-Addo led government has demonstrated it has no clue when it comes to the management of the economy and the energy sector in particular.

He pointed out that contrary to claims that the price of crude oil on the international markets is the sole determinant on the pricing of fuel on the Ghanaian market, the country also benefits greatly from the international prices because it is a net exporter of crude oil.

“Ghana also benefits because out of the about 700 million barrels of crude that were produced in the year, Ghana gets about 20% of that. And if you take the 71 million barrels that we produce in 2019 Ghana gets about 20% of that so it is not true because when we sell that we make money.”

Explaining further, Mr Jinapor said, Ghana has accrued enough revenue from its petroleum exports and disclosed the benchmark value that was placed per barrel was US$61 but Ghana is selling crude at a price of over $100.

“So what are we doing with the windfall in terms of the revenue that is accruing?” he quizzed.

“We are also calling on the government to desist from profligate and ostentatious expenditure, some of which are needless so that we can make savings to further cushion the ordinary Ghanaian,” he added.

“We call on BOST that is collecting nine pesewas per litre from each of us when we buy fuel to use that money to buy some strategic stock so we can release those in times of difficulties like this.”


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