Currency analyst blames leadership failure for continuous depreciation of the cedi

Currency Analyst Collins Appiah has blamed leadership failure for the continuous depreciation of the cedi.

It follows the latest criticism from Minority MPs who have accused the government of doing little to address the situation.

The local currency has lost ground to the major trading currencies like the US dollar, Euro, and the pound sterling with analysts projecting 18 cedis to a dollar by the end of the year.

Addressing the media in parliament, Minority Leader Dr. Cassiel Ato Forson decried the impact of the development on businesses and individuals.

The former deputy finance minister charged the vice president and the head of the economic management team to immediately take steps to reverse the trend instead of dancing on the campaign trail.

“I want to use this opportunity to urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing cedi. There’s a lot awaiting our country as a result of reckless mismanagement by Alhaji Bawumia’s government,” he stressed.

He was worried that the Dr Bawumia who doubles as the New Patriotic Party’s flagbearer was too fixated on his campaign for election than rescuing the ailing currency.

However, commenting on this issue on the Morning Starr, Collins Appiah has urged the government to prioritize industrialization else the narrative will remain the same.

“Let’s look at the industrialization of our economy. Why do we still continue to import toothpick into Ghana, why do we import maize, rice, or oil? Why are we not investing in those sectors? I think investing in industrialization is a long-term solution for me.”

“The Cocoa syndicated loan is not sustainable for our economy,” he added.

Earlier, the Ghana Union Traders Association (GUTA) also expressed its frustration over the current state of the local currency.