Statement-The Rapid Depreciation Of The Ghana Cedis – A Case Of War-Lord Leadership
Over the period from January 2018 to January 2019, under the supervision of President Akufo Addo, the Ghana Cedis has experienced an unprecedented remarkable depreciation at the rate of 11%. This is how terribly the Ghanaian legal tender has performed within a year, unfortunately. Whilst we are at it, the cedi is trading at GHS 5.54 to a dollar on the interbank foreign exchange market.
Indeed, some authoritative market watchers have even forecast a much more gloomy depreciation rate by indicating that the cedi could reached 7 cedis to the dollar by second quarter of 2019.
To arrest this situation, the Bank of Ghana (BoG) has put out another deceptive notice by stating that they will back the currency market up with $800M.
Against this background of a tsunamis type of power which is sweeping away the hard earned wealth of our dear Ghanaian entrepreneurs, the Vice President of the Republic of Ghana, Dr. M. Bawumia, who hitherto made the whole world to believe he was able to lock the forex rate and deposited the key in the maximum security vault of the IGP has become silent.
The same world has now come to the realization of his exchange rate lock-up principle as a big deception and by extension his clueless approach. Another aspect of all this is the rocketing price of petrol and diesel which is currently selling at more than 5 GHS per litre.
Against this backdrop, the reason for the fast depreciation of the cedis is not farfetched. It is noticeable that the GH cedis took a nose dive just a day after the Ayawaso West Wogon bye-election when President Akufo Addo released his uniformed private militia on unarmed civilians and freely and indiscriminately shot sophisticated rifles into innocent voters and wounded several of them. Simply put, “Money does not like noise”.
For fear of Ghana degenerating to chaos and possible a civil war, all investors are compelled to transfer their earnings into offshore banks. To aggravate the situation further is the expose on the “Militia in the heart of the Nation” episode by the Multimedia Group. This has confirmed the fear of foreign investors and the insecurity of their investment.
Basically, the flight of the cedi is due to clueless and bad leadership coupled with abject corruption which has engulfed the Akufo Addo and his ruling clan. It is of economic importance to once again highlight the suffering of Ghanaians. This includes children, importers, drivers, students, traders, exporters, spare-parts dealers, civil and public servants and the others.
In the light of the above, Ghanaians should not expect any improvement in their livelihood. No matter what you hear any of the rented agents of Akufo Addo in defending him, consider always your economic hardship under Akufo Addo.
Signed
Dr. E. K Hayford
0277606338
