Member of Parliament for Builsa South, Dr. Clement Apaak, has taken a swipe at the vice president over what he described as the latter’s abysmal performance as head of the economic management team.
He said Ghana ranked fourth worst performing currency globally, although we have a Vice President who was championed as Ghana’s finest beceonomust.
He was responding to the latest ranking, which has placed Ghana as the as the fourth-worst performing currency globally.
The cedi is said to have weakened to a record 20-year low against the dollar.
The local currency plunged to its lowest level in two decades as corporate demand for dollars to import fuel, pharmaceuticals, and fast-moving consumer goods (FMCG) intensified.
Bloomberg reports that since the start of the year, the cedi has depreciated by 20 percent against the US dollar, making it the fourth worst-performing currency globally, after the Egyptian pound, Nigerian naira, and Lebanese pound.
Samantha Singh-Jami, Africa strategist at Rand Merchant Bank, attributed the decline to increased dollar demand from oil importers, the pharmaceutical sector, and FMCG companies.
“Despite recent efforts to bolster foreign exchange reserves, liquidity constraints in the market persist,” she noted.
Dr. Apaak’s comment on this underscored the need for Ghanaian voters to change the government for this abysmal performance and bring on former President John Dramani Mahama, who has what it takes to restore the situation.
He said the Nana Addo and Bawumia-led governments inflicted on Ghanaians severe economic hardship due to their recklessness and insentivity.
He lamented that this government has not only been reckless but has engaged in unprecedented levels of corruption, which has further worsened our situation.
He stressed the need for voters to vote massively for the NDC’s candidate, John Dramani Mahama, because he will reset the economy.
“Under DMB as chairman of the EMT, the cedi has weakened to a record 20-year low against the dollar; ranked fourth worst performing currency globally. To change the terrible economic conditions inflicted on us by this corrupt, reckless, and insensitive Akufo-Addo/Bawumia NPP government, as reflected in our battered cedi, requires a change of government. The alternative is the only option. JDM/NDC will reset our economy with prudent and practical policies, including the 24-hour economy.”
Source: rainbowradioonline.com
