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Markets will react favourably if Finance Minister leaves – Dr Sam Ankrah

He claimed that the economy was in terrible shape and required immediate help from someone who can command the respect of the world community and inspire confidence in order to recover its previous grandeur.

Dr. Ankrah was responding to requests for the resignation of the Finance Minister made by a few New Patriotic Party (NPP) lawmakers during a news conference a few hours earlier.

The most recent development coincides with mounting pressure on Mr. Ofori-Atta to resign or risk being fired by the President from all directions.

According to Dr. Ankrah, the current state of the economy and market reactions show a lack of faith in the Finance Minister. He added that if the President heeds the call, his action will restore faith and the results will be in the best interests of the nation.

“Let’s keep in mind that we have a significant impact on global markets, so any move that inspires confidence will spur action. The markets are waiting to see it, he said.

in Q3’s economy

In the third quarter of the year, the value of the local currency, the cedi, fell precipitously against the major currencies of the world.

It depreciated against the US dollar, the British pound, and the Euro by 37.5 per cent, 24.1 per cent, and 27.5 per cent respectively on a year-to-date (YTD) basis as of September. Headline inflation rate accelerated to 37.2 per cent at the end of September 2022 compared to 29.8 per cent at the end of June 2022.

Inflation rates for food and non-food items were respectively 37.8% and 36.8% at the end of September 2022, compared to 30.7% and 29.1% at the same time in the previous month.

Due to the extreme suffering these changes have caused, businesses have been forced to retrench because of their high operating costs. Individuals’ disposable income has been severely reduced by advancements, making life intolerable.

As the President meets with various interest groups in an effort to find solutions to the troubling economic phenomena, the nation and the international community wait for his reaction.

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