The sad thing is they are unapologetic - CDD fellow slams government over cedi depreciation

Dr. Kwame Sarpong Asiedu, a Fellow at the Centre for Democratic Development Ghana (CDD-Ghana), has criticized the government’s handling of the Ghanaian Cedi’s depreciation.

In a recent post on his Facebook page dated May 30, 2024, Dr. Asiedu expressed concerns over the significant depreciation of the Cedi's value against the US Dollar and the government’s apparent lack of remorse over the issue.

He pointed out the stark difference in the value of the Cedi from 2016 to 2024, illustrating the severe financial impact on Ghanaians.

"If at the end of 2016, when the NDC left government, you had 100,000 Cedis in your account, it was equivalent to approximately US$23,255. If you had the same amount of money in your account today, it’s equivalent to US$6,793, meaning in real terms you have lost US$16,462," he explained.

He further elaborated on the hypothetical scenario where an individual could have converted their Cedis to Dollars at the end of 2016.

"If you had changed your money into Dollars at the end of 2016 and done a Cecilia Dapaah, your money would be equivalent to GH¢342,313 today, a gain of GH¢242,313," he added.

AM/SARA

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