File photo
In a striking analogy, Bismarck Aborbi-Ayitey, Chairman of the Ayawaso West Wuogon Constituency for the National Democratic Congress (NDC), has compared the faltering Ghanaian Cedi to ‘kontomire’ — the leaf of the cocoyam plant.
According to Aborbi-Ayitey, the Cedi’s depreciation against major foreign currencies is a direct result of rampant corruption and gross mismanagement by the government.
He pointed to several instances of financial misconduct that he believes have severely undermined the nation’s currency.
“Our money is being mismanaged,” he asserted. “Eleven million dollars were paid for the construction of the Pwalugu Dam, yet we haven’t seen anything resembling that project.”
He also highlighted other questionable financial decisions, alleging, “$2 million and $2.5 million were paid to a South African company and a Portuguese company respectively for the construction of a sky train and the reconstruction of the Accra-Tema Motorway. None of these projects have materialized.”
Aborbi-Ayitey emphasized that such corrupt practices exert significant pressure on the cedi, causing it to lose its value.
He explained, “All these monies that you are paying to foreign companies are in dollars, and if no tangible benefits are derived, the cedi will automatically depreciate, leaving it to become as weak as kontomire.”
