Cedi depreciation a systematic failure, I can fix it - Alan Kyerematen

Independent Presidential Aspirant, Alan Kyerematen has said systematic failure and a lack of faith in the economy are to blame for the depreciation of the Cedi.

According to the former Minister for Trade and Industry, the Cedi may continue to fall against major foreign currencies if the country fails to increase exports and decrease imports.

Speaking on his Eastern Regional tour on Monday, Mr. Kyerematen expressed confidence that export growth and forex bureau regulations would also contribute to the stabilization of the Cedi.

"The strength of the Cedi is dependent on the demand and supply of foreign exchange. There is no other way unless you produce and export. Because if you don't produce and use that to export abroad, you won't get dollars into the system... but have you heard a head of state talk about this before? So, it is a systemic failure for a long time," the founder of Movement for Change said.

"So, between Alan, ex-president Mahama, and Dr. Bawumia, if it's production and exports that would revive the Cedi, who amongst the three of us can do that? If we have made that mistake all these years and we now need someone who can do this, then it is Alan who can do that," he stated.

Additionally, Mr. Kyeremanten advised Ghanaians to consider a national development strategy rather than unmet campaign pledges. Significant constitutional reform would be given first priority by a government led by the Movement for Change.

"When you listen to the majority, they say when the NDC and NPP are in government, it is a winner-takes-all situation. If one party assumes office for eight years and you are not part of the party, then you are not part of the government. So, the intelligence of many Ghanaians is disregarded in the governance of the country because it is winner-takes-all.

"If these two parties are in government, they work on projects, either good or bad, even if the other had already started the same... If there is no continuity, how do we move forward? Ghanaians are tired; they want a plan, not promises," he said.

"So, we want to move Ghana beyond the manifest promises; we want a national plan where Ghanaians are informed about where the country is headed. For the next 30 to 50 years, every party that assumes office would continue with whatever they meet," he stated.