Source: newsthemegh.com
The Ghanaian Cedi is in worse shape than before, and the minority in parliament has predicted that its value will only get worse.
With the Cedi depreciating to GH₵15 against the US dollar, traders have started to pass on the higher expenses to customers, leading to large price increases for a variety of goods and services.
During a news briefing in Parliament on Wednesday, May 15, 2024, Minority Leader Dr. Cassiel Ato Forson highlighted the serious consequences of the Cedi’s depreciation on enterprises, especially in important commercial hubs like Okaishie, Abossey Okai, and Kejetia.
Dr. Forson took issue with the government’s management of the currency in spite of significant foreign exchange inflows from organizations such as the World Bank and the IMF.
He voiced dissatisfaction with the Vice President Alhaji Bawumia-led Economic Management Team, claiming that their actions had not stopped the Cedi’s depreciation.
Additionally, he charged that Vice President Bawumia, the leader of the New Patriotic Party, put his election campaign before of dealing with the financial problem.
Traders around the country are suffering greatly as a result of the Cedi’s depreciation, with many of them having to deal with growing debt.
The Food and Beverages Association of Ghana (FBAG) brought attention to the difficulty faced by importers in meeting their payment obligations due to the country’s predominant credit-based business model.
The Ghana Union Traders Association (GUTA), which shared these worries, voiced annoyance over the Cedi’s falling value and emphasized how it affects traders all around Ghana.
“The reality of the Ghanaian economy today exposes the credentials of the so-called economic wizkid who was marketed as the saviour of Ghana’s economy. Alhaji Bawumia’s credibility is now in tatters,” Dr. Forson said.
“We urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing Cedi,” he reiterated.