Member of Parliament(MP) for Bolgatanga Central constituency, Isaac Adongo, has described the NPP government as one of the most useless administrations the country has ever witnessed in its governance history.
According to him, the government seem clueless about providing Ghanaians with a tangible solution these dire economic times.
Speaking on Okay FM’s Ade Akye Abia programme, he explained that Ghana’s cedi has been on a depreciation spree since the beginning of this year. As of Friday, March 10, 2022, the dollar was selling at GH¢7.65 and it gradually breaking the eight (8).
“. . The man who has gone mute why don’t you call him? the one who went about bragging that he’s the economic guru and knows everything about our currency and has arrested the dollar . . . now the dollar has arrested him and he has gone mute . . . I’m talking about Bawumia, his disgrace will be more than any President in history, he just brags but don’t know anything . . .” he told Kwame Nkrumah ‘Tikese’.
He says government knows how to contact them for economic advice if they want.
“. . They are not even thinking inside the box, let alone to say thinking outside the box, that a whole government machinery in 5 months if e-levy doesn’t come they have no other solution . . . this is the most useless government I have ever seen . . . “ he slammed.
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Cedi depreciation: Our capital has depleted by 16% since December 2021 to date – GUTA
The Ghana Union of Trade Association (GUTA) has expressed worry over the rapid depreciation of the cedi against major trading currency, the US Dollar.
A statement issued and signed by the President of the Union, Dr. Joseph Obeng, stated that the situation is taking a heavy toll on the capital of its members and wreaking havoc on businesses and the consuming public.
“From December 2021 to date, our capital has been depleted by about 16 percent. In December 2021, when the rate of the cedi to the dollar was GH¢6.4, a trader could use GH¢640,000 to buy US$100,000. Today, as the rate is about GH¢7.6 to a dollar, the same GH¢640,000 can buy only GH¢84,000, thereby making a loss of US$16,000 which is the 16 percent depletion,” GUTA explained.
The Association further worries that “If a trader still wants to buy US$100,000, they will need an additional GH¢120,000 to top up within this short period.”
GUTA president, Dr. Joseph Obeng who described the situation as rather serious therefore appealed to government to find urgent solutions to curtail the further depreciation of the local currency against major trading currencies in order to save businesses and the economy at large.
“It will require consented efforts by engaging all relevant stakeholders for urgent discussion and immediate solution to this menace,” Dr. Obeng added.
Source: peacefmonline.com