The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has expressed concerns over the alarming exchange rate between the US dollar and the Ghana Cedi.
According to him, as of this morning March 25, 2024, one dollar is equivalent to 13.75 Ghana Cedis and emphasized that this exchange rate is causing tremendous hardship for businesses and Ghanaians at large.
Mr. Gyamfi questioned the role of Dr. Mahamudu Bawumia, in addressing the economic challenges faced by the country and lamented on the economic conditions under the Nana Akufo-Addo/Bawumia administration, highlighting the struggles faced by businesses and the suffering endured by ordinary citizens.
The significant devaluation of the Ghana Cedi against the US dollar has raised concerns about the stability of the country’s economy. The weakened currency has negatively impacted the cost of imports, businesses relying on foreign inputs, and foreign investments.
As a result, businesses are experiencing increased operational costs, limited investment opportunities, and difficulty in accessing foreign currencies for transactions.
Mr. Gyamfi’s comments reflect the growing frustration among Ghanaians who have been grappling with skyrocketing prices and a struggling economy. Many are questioning the government’s strategies and policies to tackle inflation and stabilize the currency in the face of these challenges.
The NDC’s National Communications Officer therefore called on the Nana Akufo-Addo/Bawumia administration to take immediate action, implement sound economic measures, and alleviate the sufferings of Ghanaians.
He urged Dr. Mahamudu Bawumia, who is also the head of the Economic Management Team, to reassess their policies and devise effective solutions to address the ongoing economic hardships.
The current exchange rate continues to pose significant concerns for businesses and ordinary Ghanaians, affecting their purchasing power and quality of life. The government need to stabilize the economy, restore confidence, and provide relief to the suffering population.
