The economy of Ghana is slowly dipping lower as government seeks alternatives to rescue it. As government awaits financial relief from the IMF, the lives of Ghanaians keep falling. Many have criticized the Akufo-Addo government for failing to improve the lives of Ghanaians despite the many promises they made prior to the 2016 elections.
The cedi has for some time been depreciating against other trading currencies. Bloomberg this week rated the cedi as the worse performing currency, yet government commutators have insisted that this doesn’t speak the truth about the status of the economy. They have blamed external shocks and the erstwhile Mahama government for the way things have turned out.
The cedi before 2017 was between 3.70 cedis to 4 cedis. However, within just 6 years has shot to 10 cedis. Last year for instance, it was at 6 and few saw it jumping to hit the 10 cedis in less than a year. Many laughed and projected that it will hit 10 cedis. Well finally the cedi has broken the 10 cedis for $1 barrier. This means that traders will need more money in their accounts when purchasing things abroad.
Joy news has dropped a photo representing this new cedi fall and Ghanaians are reacting. Many have laid the blame of the cedi to Vice President Bawumia. The Vice President prior to the 2016 elections touted himself as the economic guru. Indeed, he went from programmes to seminars discussing how he will transform the economy.
It’s been 6 years and financial rating agencies have described Ghanaians economy as junk. The cedi keeps falling and there is no hope for the country especially since the IMF assistance is now being planned and even if expected will come in 2023. In a series of comments to the Joy News post, Ghanaians have called for the Economic Management team headed by Bawumia to all step aside. Most of the comments called on Bawumia to bow his head in shame. Check out some of them.
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