Ghanaians have been lamenting and blaming the worst performance of the Ghana cedi to a bad governance by the ruling party (NPP). With many Ghanaians comparing the current situation to the hardship of the 1983 famine which brought severe consequences to the nation.
With others defending the ruling government especially those within the government inner circle blaming the the hardship on post covid management and the Russia - Ukraine war at the backyard of Europe. Which is causing a massive consequences on the world's supply chain since Ukraine and Russia combined produces almost 50% of the world's grain and refined most of our petroleum products.
As pressure had been mounted on the government, the Central Bank and Stakeholders of the economy to take appropriate measures to curtail the free fall of the cedi(Depreciation) since the beginning of the year.
Ghana's economic inflation has hit a high record of 40.4% as claimed by the government which had made the cost of living so unbearable especially to the average citizens of the country.
Due to the frequent increments of fuel prices, the economy is on the brinks of recession. The impeached minister of Finance, Ken Ofori Atta hinted that if imports is not controlled as we close on the Christmas festivities. The cedi is going to perform worst.
The Bank of Ghana on this note, has made a move to stabilize the cedis with a firm decision to stop providing forex support for the importation of non - critical goods.
The Central Bank said the forex support for rice, vegetable oil, pasta, fruit juice, toothpicks, poultry and other non - essential commodities would stop.
The decision has brought a mixed reaction among the public, with one side praising the move as a step in the right direction to reduce the demand of dollars, which puts pressure on the Cedis. While others fear that this decision will cause market men and women to hoard goods in their warehouses in hopes of getting higher prices which will be devastating to the average citizens.
As to whether the decision made by the Central Bank, the right step in saving the cedi. Time will tell as we cross our hands and wait for the better.
Please share your opinions on the situation in the comments box.
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