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Cedi Has Depreciated By 30,000% Since 1981; I Fear It'll Get Worse - Kwesi Pratt   
 
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12-Feb-2019  
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Audio Attachment:Listen to Kwesi Pratt Jnr.
 


 
 
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Seasoned journalist, Kwesi Pratt has lambasted the Akufo-Addo government for their inability to halt the downward spiral of the local currency.

The cedi has currently crossed GH¢5 to a dollar GH¢4.42 in the same period last year and GH¢4.27 in January 2017.

The way the cedi is depreciating with the dollar currency galloping at top speed seems to frighten the Ghanaian population as many fear the situation might get worse if the government doesn't put proper measures in place to rectify the problem.

Speaking to host Kwami Sefa Kayi on Peace FM's "Kokrokoo", Mr. Pratt questioned the efforts by the current administration to cushion the cedi against foreign currencies, especially the dollar.

According to Kwesi Pratt, the cedi was in a proper shape in 1981 but since that period, it has depreciated by 30000%.

To him, "there's a serious problem with the national economy" as the depreciation of the currency adversely affects the livelihood of Ghanaians.

We have devalued our national currency by more than 30000 percent. So, when we talk about the value of the cedi and so forth; it’s not about what happened yesterday. It’s not about what happened today. The cumulative effect shows us a certain direction. The path we have taken is not good and won’t help us. More than 30000 percent devaluation of the cedi since 1981, I’m worried. I’m frightened," he stated.

He called on President Akufo-Addo and his government to focus on policies that will help boost the cedi and also stop the country's over-dependence on imports.
 
 
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
 
 

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