Quit off-beat dance moves to focus on ‘dancing’ Cedi – Ato Forson tells Bawumia
Minority Leader Dr. Cassiel Ato Forson has advised NPP flagbearer Vice President Dr. Mahamudu Bawumia to consider quitting dancing off-beat on the campaign trail to focus on saving the depreciating cedi.
The cedi was trading against the dollar at GH₵ 11.98 but is now hovering around GHC 14.80 at the forex bureaus, resulting in a depreciation rate of close to 20% since the beginning of the year.
Addressing a news conference in Parliament on Wednesday, May 15, Dr. Ato Forson lamented the adverse impact of the Cedi’s depreciation on businesses in areas such as Okaishie, Abossey Okai, Kejetia, and other commercial districts.
The Caucus also raised concerns about the lack of improvement in economic conditions despite the funds received from the International Monetary Fund (IMF) and the World Bank under the ongoing bailout programme.
He said, “In spite of the huge inflows of foreign exchange from the IMF and the World Bank, into the Ghanaian economy, and I’m talking of billions of Ghana cedis, billions of US dollars, the government’s action and its management of the cedi have continued to fuel steep depreciation with no end in sight unfortunately.”
READ ALSO:
“So far, the decisions of the Economic Management Team, chaired by our Vice President Alhaji Bawumia leaves a lot to be desired. The reality of the Ghanaian economy today exposes the credentials of the so-called economic wizkid who was marketed as the savior of Ghana’s economy. Alhaji Bawumia’s credibility is now tatters.”
“I want to use this opportunity to urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing cedi. There’s a lot awaiting our country as a result of reckless mismanagement by Alhaji Bawumia’s government,” the Minority Leader said.
As the local currency surpasses GH₵15 to a dollar, traders are cautioning that they may pass on the costs to consumers, leading to a surge in the prices of goods and services.
Moreover, the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has expressed concerns about the consistent depreciation in the cedi, which poses a significant threat to business.
GUTA, in a statement on May 14, expressed “deep frustration over the current depreciation of the cedi, which is creating a big mess for the business community, especially, the trading sector. This seeming crisis coupled with the ever-rising freight charges from Asia, are rendering the cost of doing business unbearable.”
