The Cedi Must Reclaim Its Lost Glory

When we asked, why the cedi was in high gear, we were told wait for the budget.

When we complained that, fuel prices had gone up more than three times, since January 7, we were told, wait for the budget.

When we complained that, prices of goods and services are escalating, we were told, wait for the budget.

When we complained that, things are fallen apart, if urgent steps were not taken, we were told, wait for the budget.

We were made to believe that; the budget was coming to solve all our problems, especially to arrest the cedi from fallen further against its major trading currency; the dollar.

The much awaited budget, was finally read last week Thursday, the cedi, had neither gained any strength, instead it had rather gained momentum to outrun the dollar even further.

Less than a week after the budget was read, prices of petroleum product, has been increased for the fifth time, since the beginning of the year.

The much anticipated budget which was to be the panacea for our problems, has not instilled confidence in the economy and our currency.

Our dependence on foreign goods, makes it imperative that, everything must be done to ensure that, the local currency, does not raise against our trading currencies, any lapse and we are bound to put our people in a difficult situation.

We live in Ghana, where the legal tender is the cedi, yet people charge dollars for services rendered, some areas to secure accommodation, one needs to pay in dollars, some goods are priced in dollars, all these penchant for foreign taste, puts pressure on the local currency.

The underlining factors are very much clear to all of us, yet the New Patriotic Party (NPP), lead by its henchman, Dr. Mahamudu Bawumia, decided to launch blistering attacks on the John Dramani Mahama administration, as though the then government, chose to watch unconcerned as the cedi tumbles.

They are now faced with the reality, and things are not looking good for them, whatever magic wand, they had before coming into office and before the budget, this is the time to use it, because we are moving from bad to worse.

 

 

 

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