We didn’t ask for the cedi to go down, we asked for a stable currency – Odike tells Mahama

Kwasi Addai Odike, Founder and Leader of the Union Government, has accused President John Dramani Mahama of “starving Ghanaians” by restricting the flow of cedis in the economy, leading to what he describes as an “economic quiet” across the country.

Speaking in an interview on Onua FM on October 21, Odike claimed that despite the government’s assurances of payments and economic relief, contractors and key sectors are yet to receive funds, causing stagnation in business activities.

“The current economic quiet is because President John Mahama is starving Ghanaians with the lack of cedis in the system. The cedi is not circulating; he is not paying contractors. There are so many pending statutory payments. As a businessman, I know we don’t even have the Ghanaian cedis to buy the dollar,” he said.

Odike further argued that the unstable performance of the Ghanaian cedi is crippling local businesses, especially exporters and manufacturers whose cost of production continues to rise.

“As businesspeople, we didn’t ask for the cedi to go down, we asked for a stable and sustainable currency so we can plan and project around a fixed rate. The fluctuating currency does not help businesses. People who deal in exports are crying in their homes; their production costs are not breaking even. It’s reducing local patronage of Ghanaian goods,” he lamented.

The Union Government leader emphasized the need for a consistent currency regime, noting that policy uncertainty makes it difficult for entrepreneurs to plan effectively.

“We need consistency in the cedi, at least for a period, so we can make good and profitable projections,” Odike stated.

He also warned that overly strengthening the local currency could discourage foreign investment, advising that Ghana must strike a balance between a stable and competitive exchange rate.

“For a country that wants to boost production, if its local currency is too strong, no foreign investor will be attracted into the country. Nobody will come,” he added.

Odike further criticized the Mahama administration of creating an artificial sense of currency stability by injecting funds from the Bank of Ghana.

“His government used $1.15 billion from the Bank of Ghana to pump up the cedi. What they did is artificial, and it’s draining the pockets of people in this country. Businesses and their owners are suffering,” he added