Currency analyst Collins Appiah has attributed the ongoing depreciation of the cedi to leadership failure, echoing recent criticism from Minority MPs who accuse the government of inaction.
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The Ghanaian currency has consistently weakened against major trading currencies such as the US dollar, Euro, and pound sterling, with forecasts projecting a further decline to 18 cedis to a dollar by year-end.
Speaking to the media in parliament, Minority Leader Dr. Cassiel Ato Forson lamented the adverse impact of this depreciation on businesses and individuals.
He called on Vice President and head of the economic management team to prioritize addressing this issue instead of focusing solely on campaigning.
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Dr. Forson criticized Vice President Bawumia for allegedly prioritizing his election campaign over stabilizing the currency.
Responding to these concerns on Morning Starr, Collins Appiah emphasized the need for the government to prioritize industrialization as a long-term solution.
He questioned why Ghana still imports basic commodities like toothpicks, maize, rice, and oil instead of investing in domestic production.
Appiah also highlighted concerns about the sustainability of the Cocoa syndicated loan for the Ghanaian economy.
Previously, the Ghana Union Traders Association (GUTA) also expressed frustration over the cedi’s depreciation, reflecting broader concerns within the business community about the currency’s stability.
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