Cedi weaken to record 20-year low to dollar, vote for Mahama to reset the economy – Apaak

The Member of Parliament for Builsa South, Dr. Clement Apaak called on Ghanaians to vote for the National Democratic Congress (NDC) flag bearer, John Mahama to reset Ghanaians ailing economy.

The Cedi has plunged to its lowest level in two decades as corporate demand for dollars to import fuel, pharmaceuticals, and fast-moving consumer goods (FMCG) intensifies.

The currency of the world’s second-largest cocoa producer fell 0.2 percent to GHS 14.9335 per dollar by the close of trading on Monday, marking its weakest point since Bloomberg began recording the data in 1994.

According to Bloomberg, since the start of the year, the cedi has depreciated by 20 percent against the US dollar, making it the fourth worst-performing currency globally, after the Egyptian pound, Nigerian naira, and Lebanese pound.

Samantha Singh-Jami, Africa strategist at Rand Merchant Bank, attributes the cedi’s decline to robust dollar demand from oil importers, the pharmaceutical sector, and FMCG companies.

“Despite recent efforts to bolster foreign exchange reserves, liquidity constraints in the market persist,” she noted.

Commenting on the development, the Builsa South lawmaker stated that the only alternative to rescue the nation from the current hardship and cedi depreciation of the NDC’s leader, John Mahama.

“Under DMB as chairman of the EMT, the cedi has weakened to a record 20-year low against the dollar; ranked fourth worst performing currency globally.

“To change the terrible economic conditions inflicted on us by this corrupt, reckless, and insensitive Akufo-Addo/Bawumia NPP government, as reflected in our battered cedi, requires a change of government.

“The alternative is the only option. JDM/NDC will reset our economy with prudent and practical policies, including the 24-hour economy,” Dr. Apaak stated in a tweet.

Source: Today.com.gh