U.S., Ghana Relations Enter New Era as Trade Hits $4 Billion
The Deputy Ranking Member on Parliament’s Finance Committee, Dr. Gideon Boako, has criticized the Finance Minister’s explanation that exchange rate pressures are behind the recent rise in Ghana’s public debt. In an article titled “Double-tongued Minister for Finance,” the Tano North MP accused the government of contradicting itself, noting that it praised cedi appreciation when debt declined but blamed the same factor when debt increased. Dr. Boako argued that while exchange rate changes may have indirect effects, they cannot logically explain the sharp rise in debt, pointing out that foreign-denominated debt at the end of 2024 was calculated at GH¢14.3 to the dollar, whereas the current rate is about GH¢11.4, yet debt has still risen by over GH¢71 billion. He said this indicates a poor understanding of debt dynamics and called on the Finance Minister to provide a more accurate and transparent explanation of the figures.
