Arrest free-falling cedi – Mornah to NPP

The National Chairman of the People’s National Convention, Bernard Mornah has urged the NPP government’s economic management team led by the Vice President, Dr. Mahamdu Bawumia to focus on arresting the free-falling cedi from further depreciation.

The Ghanaian cedi hit a record low earlier this week due mainly to global pressures as investors continue to exit emerging-market assets.

According to Reuters, the currency of the major commodity exporter has weakened since the beginning of May, trading at 4.8250 cedis to the dollar.

Cumulatively, the local unit depreciated by 5.3 per cent in the first six months, compared to 3.3 per cent in the first half of last year despite significant increments of weekly dollar sales to local banks in the country.

The depreciating of the cedi was a major issue in the 2016 general elections, with the then NPP criticizing the Mahama administration for poorly handling the economy when they were in power.

Former President John Dramani Mahama only last month complained about the cedi to dollar exchange rate, which he said stood at GHc4.7 to $1.

Delivering a solidarity message at the NPP Conference at the Koforidua Technical University in the Eastern region, Mr. Mornah stated called on Dr. Bawumia to ensure that the cedi is stabilised.

He also called on the government to address critical issues in the country’s health sector and ensure that the no-bed syndrome becomes a thing of the past.