Frank Annoh-Dompreh, the majority chief whip, has called on the executive branch of government to take immediate action to guarantee that prices of products and services are decreased to reflect the appreciation of the Ghana Cedi relative to the US dollar.
Although forex is advantageous, prices are high. Even if we do not have price controls, something needs to be done.
"From its original position at the beginning of the year, the cedi was down nearly 48% against the dollar. Following the most recent IMF visit, it has currently strengthened by more than 23% since the beginning of December, he remarked yesterday on the floor of Parliament.
While Ghana is currently recovering from the depreciation, Mr. Annor- Dompreh, who is also the New Patriotic Party's (NPP) MP for Nsawam-Adoagyiri in the Eastern Region, claimed that while the average Ghanaian was not experiencing the anticipated economic relief because goods were still being sold at high prices.
He stated, "Mr. Speaker, I offer my recommendation requesting the executive and its policymakers to take more actions focused at recovering prices of food items and other things.
Reaction
However, Samuel Okudzeto Ablakwa, the National Democratic Congress (NDC) representative for North Tongu in the Volta Region, asserted that Ghana was not subject to price regulation and that any government action would be improper.
He believed that since Ghana was run by market forces, prices ought to be set at that level.
For his part, John Abdulai Jinapor, the NDC MP for Yapei Kusawgu in the Savannah Region, argued that because inflation was still high, it was too early to ask for a reduction in government spending.
Both the Minority Leader Haruna Iddrisu and NDC MP for South Dayi in the Volta Region Rockson-Nelson Etse Kwami Dafeamekpor expressed the opinion that it was not practical.
Mr. Iddrisu, who is also the NDC member of parliament for Tamale South in the Northern Region, demanded that rice imports be completely prohibited, as they are in Nigeria, and that the nation's borders be closed.
He claimed that the Majority was using a double standard by applauding the IMF in response to the cedi's appreciation when, in fact, it had before fought against it.
Kweku Kwarteng, the NPP's candidate for the Obuasi West seat, asserted that it was crucial for the Minority to persuade merchants to lower prices instead of profiting from the weak cedi.