What is going on here? What kind of disappointment is this?
When it was Mahama and the NDC, it was their incompetent and mismanagement of the economy that was revealed by the falling of the cedi.
But when it’s Nana Addo and his men, the rapid fall of the cedi does not denote incompetence and mismanagement but rather it’s caused by structural problems.
When did Ghana get these structural problems? Just as the NPP came to power or even way before that?
What’s good for the goose, is also good for the gander.
The fall of the cedi, just shows that the ruling party is incompetent at managing the economy and we won’t take any explanation again—AH!
“The Ghana cedi is frail because the country has not paid much attention to the “structural problems” of the economy, President Nana Akufo-Addo has said.
The cedi is currently trading at GHS5.5 to a dollar.
At a meeting with the leadership of the Ghana Bar Association on Tuesday, 19 March 2019, Mr Akufo-Addo said: “Our public discourse should also begin to focus on much more of the structural problems involved in our currency… There are structural problems that we so far do not articulate loudly enough in my view.”
“We live in a country where we are overly dependent on the importation of things for our daily sustenance; things that we can produce, we continue to import them. At the same time, we don’t generate enough exports, this is the real origin of the fragility of our currency,” the president lamented.
“It is the issue on the current account, the persistent deficit in our national income statistics, on our current account, that is what gives rise to the frailty of our currency”, the president complained, adding that: “The currency is currently seeing a downward trend. I am hoping that the downward trend will continue and it will get further down so that the recent upsurge will be wiped out”.