Africa-Press – Ghana. Former President John Dramani Mahama has observed that there appears to be no end in sight for the challenges of the Cedi.
He criticised the government for not taking measures to curtail the rapid depreciation of the currency against the major trading ones, especially the Dollar.
He said this at the 8th CEO Summit in Accra on May 27, 2024.
“Unemployment has jumped to 14.7% from 8.5% in 2017, the highest level recorded in the history of the 4th Republic; inflation is above 25%, and the current interest rates range between 30% and 50%,” he said.
“The exchange rate, which was previously at 4.00 Ghana Cedis to the US dollar, has crossed the 15 Ghana Cedi threshold, and there appears to be no end in sight to the deterioration of the cedi.
“Despite this, the government remains unconcerned, unwilling to cut expenditures, and continues to spend more on creature comforts instead of investing in the transformational infrastructure that will propel this nation forward.”
The 8th CEO Summit is being held under the theme, “Reigniting Business and Economic Growth: Charting A Path Forward; Economic Diversification and Artificial Intelligence Transformation. A Private-Public Sector CEO Dialogue and High Impact Learning.”
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