The Alliance for Social Equity and Public Accountability (ASEPA) has rejected proposals put forward by the Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwabena Kwakye, advocating for the adoption of the US Dollar as Ghana’s currency to stabilize the nation’s economy.

The Executive Director of ASEPA, Mensah Thompson, countered that Ghana's primary challenges in achieving economic stability stem from prolonged fiscal irresponsibility and excessive borrowing, rather than the switch to the US Dollar.

During an interview with David Kwaku Saforo-Sakyi on Citi TV's Breakfast Daily, Mr. Thompson asserted that Ghana's ongoing economic difficulties should be attributed to the fiscal mismanagement of former Finance Minister Ken Ofori-Atta, the actions of the Bank of Ghana's governor, and President Akufo-Addo.

“We are here not because our currency is not held in dollars, we are here because of the recklessness of Ken Ofori-Atta, the governor of the Central Bank and President Nana Addo Dankwa Akufo-Addo. The root cause of our problem is recklessness, borrowing and people who just don’t understand simple economic management who implemented faze economic restructuring that has thrown the economy into a cyclic spiral now going back into a debt hole and the solution is not dollarisation.

“I have always asked myself, why did the government, after all the recklessness of Ken Ofori-Atta, still decide that if they were going under a debt restructuring programme, Ken Ofori-Atta was the person they were going to allow to oversee that debt restructuring, I was surprised when he decided to restructure our domestic debt.”

Furthermore, Mr Thompson criticized the decision to restructure Ghana's domestic debt, describing it as detrimental to the stability of the Cedi.