Gideon Boako Challenges Ato Forson: Focus on Purchasing Power, Not Just Exchange Rates
Dr. Gideon Boako, Deputy Ranking Member on Parliament’s Finance Committee, has criticized Finance Minister Dr. Cassiel Ato Forson’s outlook on economic recovery, urging a shift in focus from exchange rate stability to real purchasing power.
Contributing to the debate on the 2025 Mid-Year Budget Review on July 28, the Tano North MP argued that the health of the Ghanaian economy should be measured by how much the Cedi can buy, not just its performance against foreign currencies.
“Mr Speaker, the true power of a currency does not lie in its rate of exchange but in its purchasing power,” Dr. Boako said.
He pointed to the sharp rise in the cost of basic goods as evidence of the disconnect between economic indicators and everyday reality. “Cement sold for GH¢90 in January is now GH¢130. How can we speak of stability when living costs continue to climb?” he asked.
Dr. Boako’s comments reflect the Minority’s broader concerns with the government’s economic messaging, calling for practical interventions that improve livelihoods rather than relying on what they describe as abstract fiscal achievements.
