Free fall of the cedi is devastating businesses and households – Felix Ofosu Kwakye

Former Deputy Information Minister under the John Dramani Mahama administration, Felix Kwakye Ofosu, has criticized Vice President Dr. Mahamudu Bawumia, blaming him for the current economic difficulties the country is saddled with.

In a post on X on May 20, 2024, Felix expressed concerns about the continuing depreciation of the cedi, which he said was harming Ghana's economy, businesses, and households.

He attributed the economic downturn to what he perceives as mismanagement by Dr. Bawumia, who also serves as the New Patriotic Party’s (NPP) presidential candidate.

“The free fall of the cedi is devastating our economy, businesses, and households. In the process, the talkative who postured as some knowledgeable person in economic management has been outed as a charlatan with no such prowess.

“It is shocking that he expects anyone with even half a brain to take his presidential campaign seriously after such monumental failure!” he said.

In 2022, Ghana experienced one of its worst economic downturns as it defaulted on making payments on most of its external debt, consisting of $30 billion.

The country has since been shut out from international capital markets and has now resorted to the domestic treasury bill markets for borrowing.

Ghana, which is currently under a 17th IMF bailout programme, on April 13, 2024, reached a staff-level agreement with the IMF Mission team on a second review that will pave the way for a third installment of the bailout funds of $360 million.

Ghana’s Extended Credit Facility programme with the IMF will span a three-year period.

The free fall of the cedi is devastating our economy, businesses, and households. In the process, the talkative who postured as some knowledgeable person in economic management has been outed as a charlatan with no such prowess.

It is shocking that he expects anyone with even…

— Felix Kwakye Ofosu (@FelixKwakyeOfo1) May 20, 2024