There's no end in sight - Mahama on continuous cedi depreciation

The depreciation of the local currency against major trading currencies, especially, the US dollar in recent times has become a worry for many.

Whiles the business community has bemoaned the negative impact the cedi depreciation is having on their business, Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has said the problem was not going to end anytime soon.

He explained that government remains unconcerned about the economic crisis and is unwilling to cut its expenditures.

John Dramani Mahama speaking at the 8th Ghana CEO Summit in Accra said government was not investing in the transformational infrastructure that will propel the growth of the nation.

“The exchange rate, which was previously at 4.00 Ghana Cedis to the US dollar, has crossed the 15 Ghana Cedi threshold, and there appears to be no end in sight to the deterioration of the cedi,” the former president said.

“Despite this, the government remains unconcerned, unwilling to cut expenditures, and continues to spend more on creature comforts instead of investing in the transformational infrastructure that will propel this nation forward,” the NDC flagbearer added.

The local currency is currently selling at GH¢15 to 1USD and GDP 19.670 to a Pounds Sterling.

SA/MA