You are here: HomeNews2019 12 10Article 810370

General News of Tuesday, 10 December 2019

Source: Myjoyonline.com

Hold Bawumia responsible for cedi's free-fall – Minority

Ranking Member of the Mines and Energy Committee, Adam Mutawakilu has blamed the “incompetence” of the New Patriotic Party (NPP) government for the depreciating cedi.

According to him, this development has in turn led to an increase in fuel prices.

“This government is always taking us for granted. I don’t see the reason why we should increase fuel prices. Is it because the cedi is depreciating?

"If the cedi is depreciating, the Vice President Dr Bawumia should be held responsible and not shifting it on Ghanaians,” he said.

The Ghana cedi has been declining in value over the past eight years with an overall 13% per cent depreciation just over 2019.

According to findings gathered by JoyNews’ Raymond Acquah, as of 2010, $1 was equivalent to ¢1.43 however, as of Friday, the exchange rate stood at ¢5.68 cedis to a dollar.

The alarming decline of the local currency has led to an increase in imports and price inflation of many commodities including fuel which is now sold for ¢5.41 per litre, a five per cent increase of the previous ¢5.36.

The citizenry have been affected deeply by the declining value of the Cedi and have complained bitterly about its adverse effects on them.

“It’s affecting us so much. When you have made your mind that you have a certain amount of money to do foreign businesses you realize that later on you have to look for more to be able to do the business,” a business owner lamented.

However, the minority blames President Nana Akufo-Addo ffor the rapid currency decline.

They have charged him to fix the economy stressing he should not be “transferring his incompetence on ordinary Ghanaians to pay.”