Former president John Dramani Mahama has voiced his concern over the ongoing depreciation of the local currency against the dollar and other major currencies.
He criticized the current government for its failure to implement effective measures to curb the rapid decline of the currency, particularly against 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 worsening 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 emphasized 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 prioritizing spending on creature comforts over addressing pressing economic issues.
The former president called for urgent action to stabilize 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 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.
