The Ghana cedi, according to Joe Jackson, has been disgraced by the US dollar. The Executive Director of Dalex Finance says the cedi can now purchase only 40% of what it could buy on the international market just two years ago due to depreciation.
He has asked the politicians to stop using COVID-19 as an excuse for the economic mayhem crippling the local currency. According to him, Ghana tends to import with all of its foreign exchange, always leaving the state deficit.
Speaking on Maakye on Onua TV Thursday, May 30, 2024, Mr. Jackson disclosed that the Ghana cedi has depreciated by almost 60% since 2022, indicating that more than half of the purchasing power of Ghanaians is gone within the period.
“You could purchase US$100 with GHC600 just two years ago, 2022. Today, Bank of Ghana will tell you it is over GHC15 per dollar. So your GHC600 gives you goods worth US$40. More than half of the money is gone.
“The question is whether your salary has been increased. If you are a landlord, you’ve doubled your rent. Life has really become unbearable for Ghanaians. Our capacity to do things have been reduced by half. Our cedi has been disgraced. Prices of things have doubled since 2022 with some even tripling,” he explained.
He said COVID-19 has long been out of Ghana and should not be used by anyone as an excuse to for the cedi’s poor performance.
