The current economic challenges including the fast depreciation of the Ghanaian currency, the cedi, and the recent depreciation of the cedi has got a lot of people questioning the competence of those managing the Ghanaian Economy.
One of the people who is not happy with the turn of events is the Executive Director of the Northern Patriot for Research and Advocacy(NOPRA), Mr Bismark Adongo Ayorogo. Mr Adongo has questioned the competence and the ability of president Nana Addo and his administration in managing the economy which has now be downgrade to the grade of Junk by S&P.
Contributing to the discussion on the Word Community Watch Show on on Word Fm in Zuarungu, Monday, 8th August, 2022, Mr Adongo stated that there seems no one is incharge of the management of the economy.
“it seems Ghana, there is no one in change of our finance, no one is taking care of our economy and taking care of our development, because if we had someone in charge of managing our economy ,finances and development as competently as this government promised and made us believe, raising their shoulders as the most competent people to manage our economy, with big grammar, we wouldn’t have been here”
The Executive Director of NOPRA, said the current economic outlook is beyond pity.” The current economic situation is beyond the word pity. It is now in a state of hopelessness. “
Speaking on the same program, Dr. Micheal Ayamga of the economics department of the University of Development Studies, UDS, said the cedi was selling at above Gh10.00 to the dollar and that currency traders at the Ouagadougou and other borders are now running away from trading with the Ghanaian cedi.
“our currency is now a junk currency due to its free fall. As at today, the cedi is trading at above Gh10.00 in some of the forex bureaus. And the guys who trade in currency exchange are now running away from the cedi. They prefer exchanging dollars and euros than our money because the cedi is not stable”
The recent downgrade by S&P of Ghana’s foreign and local currency from B-/B to CCC/C with a negative outlook has got many economists worried about our debt sustainability.
By: Simon Agana Blessing/mywordfmonline.com