[ad_1]
CDD-GHANA Fellow, Dr. Kwame Asiedu Sarpong has called on the Vice President and flagbearer of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia, to revisit his strategy to revive the free-falling devaluation of the Cedi.
Dr. Asiedu Sarpong, who was speaking at Abusua 96.5FM radio station in Kumasi last weekend along with Millicent Safo-Adu of Bresom, said Dr. Bawumia before he assumed the office of Vice President in 2017, had convinced Ghanaians that he had the ability to increase the value of the Ghana Cedi.
He stressed that during the opposition administration, Dr. Bawumia outlined measures to stabilize the Cedi, but after nearly eight years in power, the Cedi has depreciated from 3.80 Ghana Cedi to 15 Ghana Cedi.
Dr Asiedu Sarpong advised that Dr Bawumia should revisit his academic notes, recall the strategies he advised John Mahama to adopt to strengthen the local currency and implement them to save the Cedi from its current devaluation.
He expressed dissatisfaction with the government’s silence on the devaluation of the cedi and said: “The government must solve the cedi problem because it affects all of us.”
Elaborating on the impact of the depreciation of the Cedi on Ghanaian workers earning 3,000 Ghanaian Cedi per year, Dr. Asiedu Sarpong explained that due to the depreciation of the Cedi, imported goods have become more expensive and purchasing power has decreased. This in turn has led to price hikes by market vendors, which directly affects consumers.
In addition, Dr. Sarpong also expressed his concern about the sharp depreciation of the cedi against major currencies, citing the recent fluctuations in the exchange rate of the British pound as an example.
“Since last week, on May 8, I sent money to Ghana. The exchange rate for 1 pound to cedi was 17.13 pesos. The next day, the exchange rate for 1 pound to cedi was 17.25 pesos. Two days later, the exchange rate rose to 17.35 pesos. Yesterday, when I sent the money, the exchange rate was 18.17 pesos,” he stressed.
He highlighted the worrying trend of depreciation of the cedi in a short period of time, stressing the urgency of addressing this economic challenge.
“So, I decided to check the trends and see what was happening. I found out that on April 18, the exchange rate of one pound to one cedi was 16.80. As of today, May 18, it is trading at 18.17, an increase of almost 2 cedis in 30 days,” he noted.
The call for a reassessment of the cedi recovery strategy comes amid growing concerns over the devaluation of the cedi and its impact on Ghana’s economy and daily life.
source: starrfm.com.gh
[ad_2]
Source link
