Former president John Dramani Mahama has expressed concern about the continuous depreciation of the local currency against the dollar and other major currencies.
He criticised the current government for failing to implement effective measures to curb the rapid decline of the currency against major trading currencies, particularly the U.S dollar.
Speaking at the 8th CEO Summit in Accra on Monday, May 27, Mr Mahama highlighted the government’s apparent lack of concern over the deteriorating situation.
The former president argued that the persistent depreciation of the Cedi is a clear indication of the administration’s inability to manage the economy effectively.
Mr Mahama emphasised that the continued depreciation of the Cedi has brought significant hardship to the Ghanaian populace.
He pointed out that despite these difficulties, the government has shown little willingness to reduce expenditures. Instead, he accused the administration of prioritising spending on creature comforts over addressing the pressing economic issues.
The former president called for urgent action to stabilise the currency and alleviate the economic strain on citizens.
He urged the government to adopt more prudent fiscal policies and to cut down on non-essential expenditures to better manage the country’s resources.
“Unemployment has jumped to 14.7% from 8.5% in 2017, the highest level recorded in the history of the 4th Republic; inflation is above 25%, and the current interest rates range between 30% and 50%.”
“The exchange rate, which was previously at 4.00 Ghana Cedis to the US dollar, has crossed the 15 Ghana Cedi threshold, and there appears to be no end in sight to the deterioration of the cedi.”
“Despite this, the government remains unconcerned, unwilling to cut expenditures, and continues to spend more on creature comforts instead of investing in the transformational infrastructure that will propel this nation forward,” he said.