Former President John Dramani Mahama has expressed concern over the ongoing challenges facing the Cedi, Ghana’s currency.
Speaking at the 8th CEO Summit in Accra on May 27, 2024, Mahama criticized the government for not taking effective measures to address the rapid depreciation of the Cedi against major trading currencies, particularly the Dollar.
Mahama highlighted some alarming statistics, stating that unemployment has surged to 14.7% from 8.5% in 2017, marking the highest level recorded in the history of the 4th Republic. In addition, inflation has risen to over 25%, and current interest rates range between 30% and 50%.
The former President pointed out that the exchange rate, which was previously at 4.00 Ghana Cedis to the US dollar, has now exceeded the 15 Ghana Cedi mark, with no immediate solution in sight. Despite these challenges, Mahama criticized the government for its lack of concern and reluctance to cut expenditures, opting to spend more on creature comforts rather than investing in transformational infrastructure that would drive national development forward.
The theme of the 8th CEO Summit is “Reigniting Business and Economic Growth: Charting A Path Forward; Economic Diversification and Artificial Intelligence Transformation. A Private-Public Sector CEO Dialogue and High Impact Learning,” reflecting the focus on revitalizing the economy and fostering innovation in Ghana’s business sector.
