Pulse.com.gh logo

Cedi Free Fall Arrest cedi depreciation - NDC MPs to Nana Addo

The dollar last week hit four cedis at forex bureaus across the country after rallying between 4 cedis 20 pesewas and 4 cedi 60 pesewas for some weeks now.

  • Published:
Minority Leader Haruna Iddrisu play

Minority Leader Haruna Iddrisu

Government has been charged to urgently arrest the rapid depreciation of the cedi to make the campaign for businesses workable.

According to the Minority National Democratic Congress (NDC) Caucus in Parliament, the rapid depreciation of the cedi, are discouraging businesses to work again in the country.

READ MORE: Bawumia should be blamed for cedi depreciation - NDC MP

The dollar last week hit four cedis at forex bureaus across the country after rallying between 4 cedis 20 pesewas and 4 cedi 60 pesewas for some weeks now.

This decline, the opposition NDC has argued it’s as a result of the bad management of the economy by the month and half old Nana Akufo-Addo and Mahamudu Bawumia administration.

play President Nana Addo Dankwa Akufo-Addo


READ ALSO: Fiscal discipline will restore macroeconomic stability - Ken Ofori-Atta

A lot of reasons has been assigned to the cedi’s poor performance this year but prominent among them is government’s high debt levels and the significant drop in the country’s foreign currency reserves

Minority Leader Haruna Iddrisu addressing the press in response to the 2017 budget said "The exchange rate of the Ghana Cedi remained relatively stable. Overall, the Ghana Cedi depreciated by 9.6% against the US dollar and 5.3% against the Euro. It in fact, appreciated by 10.0% against the Pound Sterling in the interbank market in 2016."

READ MORE: Here are the taxes Nana Addo will abolish in his government

"This relatively strong performance has virtually been eroded as the Ghana Cedi has lost about 6% of its value against major trading currencies once Akufo-Addo-Bawumia government took office just over a month ago.

play Dr. Mahamudu Bawumia Vice President

"The Finance Minister filed to outline clear policies to address this important issue affecting the Ghanaian economy today i.e. the uncontrollable fall of the Ghana Cedi which is now considered the worst a performing currency in the world. This is especially regrettable in view of the stability the Ghana Cedi enjoyed in the 2016 fiscal year under the NDC’s agenda for transformation. Again this is regrettable because this budget stifles exports and stimulates imports,"Haruna Iddrisu said.

READ ALSO: New GH¢5 note out; Kwegyir Aggrey replaces 'big six'

Economic challenges

Ghana for close to six years now, has been wobbling in a number economic challenges which have seen a decline in its economic growth, a plunge in Government’s revenue, rising unemployment, and increasing agitation among business operators over high taxes, a depreciating currency and weak economic fundamentals.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
2 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
3 Education Top 5 private high schools in Ghana according to WAECbullet
4 Breaking Otabil finally breaks silence on banking controversiesbullet
5 Tax Policy Gov't weighs in on controversial MoMo taxbullet
6 Incompetence Otabil wasn't qualified to be Capital Bank Board...bullet
7 Promo Glo introduces Yakata, Ghana’s most exciting telecoms...bullet
8 Banking Crises Joe Jackson urges BoG to ‘rate’ banks to...bullet
9 How to create a verified PayPal account Learn how to...bullet
10 uniBank Takeover Meet all the Unibank Executives who...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Former Capital Bank staff grills pork for survivalbullet
4 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
5 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
6 Support Finance minister buys Kantanka carbullet
7 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
8 Video We are determined to move Ghana beyond aid - Bawumiabullet
9 Plane Crash Starbow suspends operations following plane...bullet