Cedi irreversibly being destroyed

The local currency (cedi) under the present adverse macroeconomic conditions, is fast losing its value to the American dollar.

Given the rate at which the cedi is depreciating against the greenback, Executive Director of the Institute for Economic Affairs (IEA), Dr John Kwakye, in a tweet on Wednesday, said the cedi is “irretrievably being destroyed”.

The economist is baffled at why managers of the Ghanaian economy cannot come up with a plan to halt the depreciation of the cedi.

“Sadly the cedi is being irretrievably destroyed. And all we do is look on. Why can’t our economic managers come up with a plan to arrest the situation?,” he tweeted.

In his view, the country’s two strongest political parties are the cause of Ghana’s underdevelopment.

“NPP-NDC political capture is the bane of our progress as a nation. We need a leader who is willing and capable of pursuing the national interest without being shackled by political influence,” he stated.

Dr Kwakye concluded his tweet stating that the country should not expect manna to fall from heaven to address its challenges, adding “we should solve our problems ourselves”.

The woes of the local currency continues unabated as the local currency traded at GHS 13.75 to the dollar on the forex market as of Thursday, October 20, 2022.

Per reports, the year-to-date depreciation of the cedi to the dollar is well above 45%.

Source: norvanreports.com