No matter what President Akufo-Addo and the managers of the economy, want us to believe, the country is not in the best of times, as the local currency is fast depreciating against its major trading partners, especially the United States dollar.
Before now, Covid-19 pandemic, was blamed for our economic woes, then Russia, decided to invade Ukraine, that became the new excuse. Now that the cedi has broken jail, what excuses will the managers of the country, say account for that?
The trade balance between Ghana and Russia, as well as Ghana and Ukraine is very small compared to China, United States of America, Turkey to mention but a few. Imagine how things will be should China decide to invade Hong Kong and the world decides to impose sanctions on China.
If Akufo-Addo and his Economic Management Team (EMT) will agree, they should declare the country bankrupt, because the situation is getting worse by the day.
Media reports, as at the time of writing this editorial, indicate that the nation’s currency, the cedi, exchanged at GH¢10.11 to one United States of America dollar.
There are already speculations that, it will soon cross the GH¢11 mark. The fall of the cedi at every point in time, has a rippling effect on the economy.
For most Ghanaians that is disheartening in the sense that, for a country that is overwhelmingly import dependent, the effect on the economy and the overall wellbeing of the populace, could be harrowing indeed. Our worry, however, is that this development is not giving our leaders sleepless nights, as they seem unconcerned about the situation.
In the considered opinion of this newspaper, it is during hard times like these that governments initiate reforms that will arrest the trend and set the nation back to positive trajectory, as well as boost investor confidence, but not our government.