The Member of Parliament of the Yapei-Kusawgu constituency, John Abdulai Jinapor has raised concerns over the continuous depreciation of Ghana's currency against major trading currencies.
According to him, the Ghana cedi's performance in recent times has made it worse than the Ukrainian currency although the Akufo-Addo-led government has on numerous occasions blamed the current crisis on effects of the ongoing
Read full articleinvasion of Ukraine by Russia and COVID-19 pandemic.
Speaking on the floor of parliament on Thursday, March 10, 2023, during a debate on the president’s State of the Nation's Address (SoNA), John Jinapor said; “…compare Ghana to Congo, Senegal, Burkina Faso, Uganda, have their currency depreciated by 53 percent, COVID affects everybody, it affects all currencies. When they say there is COVID, it doesn’t affect only the Ghanaian cedi, so all currencies should be at par. Your currency is even worse than the Ukrainian currency and you tell us it is COVID and that is my worry, you don’t even understand the problem. If you understood the problem then you will be finding a solution. Which country in Africa has an inflation rate of 50 percent? Tell us.”
Since the start of 2022, the local currency has depreciated significantly by about 50 percent against the US dollar. The development has impacted the cost of living, fuel price hikes and resulted in a general gloom among Ghanaians.
Ghana is hoping to clinch a Board-Level Agreement with the International Monetary Fund by the end of March this year to restore macroeconomic stability and among others.
