The President described the government's magic wand for resolving the economic crisis as executive pay cutbacks, a crackdown on illegal currency dealers, and efforts to obtain cheaper petroleum supplies for domestic consumption.
However, in response to the President's speech, the Deputy Ranking Member claimed that the government had lost the point.
"The collapse of the Bank of Ghana is the main problem. The task of maintaining price stability has been given to the Bank of Ghana. The Bank of Ghana is in charge of upholding what is known as the Inflationary Targeting Framework, which is designed to ensure that the government does not borrow funds from the Bank of Ghana unnecessarily to finance the budget.
"The Bank of Ghana loaned the government around GH35 billion last year. It had lent an extra GH22 billion by May of this year. This has significantly boosted the economy's wealth. These are funds that are all over the place chasing the dollar. The dollar must run faster to save itself once there are so many cedis after it.
We are here for this reason. I'm astonished that Ken Ofori-Atta is being called out for being fired rather than Mr. Addison because the Bank of Ghana has failed in every way possible. They both collaborated to undermine our economy and jeopardize the future.
The clampdown on illegal forex traders was also criticized by the Bolgatanga Central member as being pointless.