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Flagbearer for the National Democratic Congress (NDC), former President John Dramani Mahama has stated that, with the observation he has made, it appears that the fall in the Ghana cedi(GHc) against the United State dollars (USD) is not going to end any time soon.

According to former President John Dramani Mahama, the Akufo-Addo/Bawumia led government have not taking measures to exponential depreciation of the Ghana cedi against the major trading currencies including thee dollar, Euro and the Pounds sterling.

Speaking at the 8th CEO Summit in Accra on May 27, 2024, on 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, Mr. Mahama said, "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%."

“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."

Expressing his disappointment in government’s approach to tackling the free fall of the Ghana cedi, Mr. Mahama said, “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 Ghana cedi, in recent times has experienced a continuous depreciation against the dollar, which is the major trading currency. The cedi trades against the dollar at Ghc 15. This challenge being faced by the Ghana cedi has affected businesses, especially business owners who are into imports and exports. 

However, the Finance Minister has assured Ghanaians that the government is work assiduously to restore the cedi's lost glory.