Ghanaian currency takes a nose dive

Accra, May 26, GNA - Nana Addo Dankwa Akufo Addo, Election 2008 Presidential Candidate of the main opposition New Patriotic Party (NPP) on Tuesday said the Ghanaian currency had lost a significant portion of its value since the new government assumed office in January 2009. "This has led to the prices of basic items shooting up dramatically, undermining the living standards of the broad masses of the people," Nana Akufo Addo stated at a party forum organized to review the current situation in the country, spell out strategies for reorganizing the party and reinvigorate the supporters after loosing his presidential bid in the last elections.

The forum was attended by leading NPP members, including National Chairman, Mr Peter Mac Manu, General Secretary, Nana Ohene Ntow, Minority Leader, Mr Osei-Kyei Mensah-Bonsu, Second Deputy Speaker, Professor Mike Ocquaye, former ministers of state, Members of Parliament, other national and regional executives as well as a large party faithfuls.

Nana Akufo Addo said the cost of basic food such as an olonka of gari had moved from one Ghana cedi in January to one cedi, sixty pesewa, olonka of maize from 1.70 Ghana cedis to 2.50 Ghana cedis; 50 kilo bag of rice from 63.00 to 75.00 cedis and vegetable oil from 2.50 cedis to 3.50 cedis.

"This is the practical effect of a growing inflation and growing loss of confidence in our economy.the effect is that instead of putting money in our pocket as promised by the ruling National Democratic Congress (NDC) food has been taken off your tables and money out of your pocket.

"Instead of lightening the hardships that have been imposed on the Ghanaians people by an alleged insensitive and uncaring NPP government, as President John Evans Atta Mills promised during Election 2008 campaign, we have seen in this brief five-month period of even greater hardships being visited on our people," he said.

Nana Akufo Addo said the nation experienced similar fate in the late 1990s when current President Mills was the Vice President while the current Minister of Finance and Economic Planning, Dr Kwabena Dufuor, the Governor of Bank of Ghana were in charge of the economy. "Then, just like now, there were high inflation and interest rates, and our currency kept losing value, the government appeared to be helpless in doing anything about it.

"Just like now, business people were happier investing their money in 90-day Treasury Bills than in expanding their business and creating jobs," Nana Akufo Addo stated.

The NPP Election 2008 Presidential candidate reminded the government of its promise for a "Better Ghana," stressing; "it should mean among other things, better jobs, better pay, better personal security, better sanitation, better homes, better schools, better hospitals, better roads, better prices of goods and service. "It is not a Better Ghana, when instead of a lean government, we have lean kenkey at a higher price, these are the issues which the NDC government and its activists should be tackling instead of seeking to divert attention with threats, intimidation, assaults, car-snatching, seizure of lorry parks and toilet grabbing".

Nana Akufo Addo urged President Mills to concentrate on the concerns of newly qualified teachers, doctors, and nurses, address the problem of unreliable water and electricity supply.

"President Mills should work to secure the healthcare legacy of former President John Agyekum Kufuor in the form of the National Health Insurance Scheme by improving the delivery of services in our hospitals and generally fulfil its campaign promises as captured in their manifesto," he said.

Nana Akufo Addo urged the government to act with dispatch to address the free-fall of the cedi by working with private business operators, Bank of Ghana and private banks, while making responsible utterances in the economy at home and abroad.

"The restoration of a stable cedi will go a long way to restoring the confidence of the business community which is absolutely essential for getting the investment that will bring systematic growth and rapid expansion of our economy.this is the surest way to prosperity for the broad masses of our people," he said.