A popular social media commentator and activist of the governing New Patriotic Party, Frank Mandela Bawumia has asserted that there isn't any shortage of any commodity in Ghana and that the cedi depreciation is as a result of global crisis. In a post shared on his official Facebook page on Friday, 21st October 2022, he wrote;
Today, November 15, 2022, the Ghana Cedi is trading against the dollar at a purchasing price of 13.0744 and a selling price of 13.0824, according to the Bank of Ghana's interbank exchange rates. Against yesterday's trading, which had a purchase price of 13.0694 and a sale price of 13.0824.
President Akufo-Addo last night 30th October 2022 addressed the nation on the state of the economy following weeks of astronomical price hikes and the value of the Cedi taking a nose dive against the US dollar. The President blamed Covid-19 and the Russia-Ukraine war for their contributions to the current economic crisis facing the country.
Today, November 14, 2022, the Ghana Cedi is trading against the dollar at a buying price of 13.0694 and a selling price of 13.0824, according to the Bank of Ghana's interbank exchange rates. As compared to the trading on Friday, which saw a buying price of 13.0694 and a selling price of 13.0824.
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.
Afia Pokua also known as Vim Lady has descended on the government for its inability to stop the cedi depreciation and inflation which has dire consequences for the country. The economic effect of the dollar, fuel hikes, and food price increments has turned the country into a seemingly helpless situation.
A Journalist and a former Manager at Airtel Ghana, Raymond Ablorh has quizzed the Ghana Cedi is the worst hit globally by the effects of Covid and Ukraine/Russia war. In a post shared on his official Facebook page on Tuesday, 18th October 2022, he wrote; "Didn't our lecture hall Economic Wizkid tell us that it's in time of crisis that the resilience of an economy can be tested?
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Just like the Dry season, the current economic condition is not favorable to the welfare of majority of Ghanaians especially in the areas of Fuel and depreciation of the Cedi. However, relatively, the Cedi is experiencing some level of stability and hopefully the Cedi will be appreciating against the Dollar in the course of time.
Dr. Kwame Asiedu Sarpong is a Pharmacist and Research Fellow at CDD-Ghana has commented that Ghanaians gave mandate to Dr. Bawumia and he has moved the cedi rate 1 dollar to GHC 3.7 in 2016 to GHC13 in 2022. In a post shared on his official Facebook page on Tuesday, 18th October 2022, he wrote;
Efia Odo, an actress and model, has criticized President Nana Addo Dankwa Akufo-Addo for being "too proud" to acknowledge that he is to blame for the country's deteriorating economic situation, particularly in light of the free fall of the Cedi. Her remark follows the local currency's recent trading at GH15 to the US dollar.
J.P. Morgan, a global investment bank and financial services company, has warned that Ghana's possible debt restructuring could hurt the local currency even more. The US-based company says that the change could be important even if Ghana's central bank changes or increases its foreign exchange (FX) purchase policy in the short term to help the cedi.
The Member of Parliament for Assin Central, Honorable Kennedy Agyapong has revealed that he has lost a lot of money due to the depreciation of the cedi in the recent days. Mr. Agyapong made this known while expressing his views on Oman FM regarding the closure of shops by the Ghana Union of Traders’ Association (GUTA).
Accra company owners closed their doors Wednesday in protest of the country's weak currency and rising costs of doing business. According to store owners, their predicament has been exacerbated by the high inflation rate and the weakening cedi (currently GH13 to $1). This is the second major demonstration by merchants against the rising cost of living in the country, and it is anticipated to go until Monday, October 24, 2022.
Economist Professor Godfred Bokpin called on the government to take appropriate steps to restore investor confidence in the economy. According to him, the rapid decline in Cedi and the economic downturn have caused investors to start pouring money into the dollar, which is further weakening Cedi. He noted that such investors are aware of the impact of their actions on local currencies, but continue to do so out of common sense.
The Ghanaian Cedi has fallen significantly to become the worst performing currency in the world this year, after losing more than 45% of its value to the US dollar. Bloomberg reports that the cedi lost 3.3% of its value against the dollar on Monday, October 17, 2022, to sell at 11.27 cedis per 1 dollar.
The Cedi has depreciated in recent years, with the depreciation at its worst in its history. What is causing this depreciation and will it get better? The Cedi's History The Cedi, Ghana's currency, has been on a steady decline since 2014. Inflation has risen and the economy has struggled as a result.
The rise of the US dollar against the Ghanaian Cedi is causing havoc in the economy of country. Citizens have come out to express their displeasure. The cedi which was at GHS3.46 against the dollar in 2012 is now almost GHS15. What makes it disturbing is that the current government when in opposition made a promise to Ghanaians to arrest the dollar.
Ghanaian President Nana Addo Dankwa Akufo-Addo outlined measures to halt the depreciation of the Ghana cedi late Sunday. Akufo-Addo announced these measures in a televised nationwide address, blaming the COVID-19 pandemic and the Russian-Ukrainian conflict for the country's economic woes. He also blamed currency speculators and unlicensed currency dealers dubbed as "black market operators" for the recent sharp fall in the value of the Ghana cedi.
His Excellency the President of the Republic of Ghana has emphasized on possibly securing a deal with the International Monetary Fund (IMF) by the end of the year 2022. From his address, the country has a higher chance of agreement with the IMF by December to obtain the important bailout it needs.
The depreciation of the cedi was reported to be a result of "twin external shocks," the resignation of the then President of Ghana, and the OPEC output deal. In 2017, a new administration took over power in Ghana and suspicions arose. The new president appointed a successor.