A young, vibrant communicator and an aspiring deputy communication officer of the opposition National Democratic Congress in the Akatsi South Constituency of the Volta Region, Japhet Festus Gbede, has taken a swipe at the Vice President of the Republic, H.E Alhaji Mahamudu Bawumia, following the unprecedented depreciation of the Ghana Cedi(GHS).
His comment follows the recent hike in the depreciation rate of the Ghana Cedi, pegged a United States dollar at eleven Ghana Cedis thirty pesewas (Ghs11.30) as at October 12,2022, making the Ghana Cedi the worst performing currency in the world as recently reported by the World Bank.
The young communicator has belittled the economic management prowess of the vice president as the head of the economic management team.
In a Facebook post, he said despite the Vice President widely touting himself as the economic messiah and being on record of arresting the Ghana Cedi, the dollar has proven to him that chew and pour economics is far different from reality,hence the dollar keeps following him anywhere he finds himself.
The majority of Ghanaians keep lamenting the sharp and sky-rocketing depreciation of the Ghana Cedi, which has taken a huge toll on their standard of living.
Earlier this year,the Monetary Policy Committee of the Bank of Ghana(BoG) took steps to curb inflation, which is basically caused by the steep depreciation of the cedi, by increasing the Monetary Policy Rate from 14.5% to 24.5% in October this year.
Despite the steps taken by the BoG,the dollar continues to rise against the Ghana Cedi, making some traders in the capital of Ashanti Region, Kumasi, to close down their shops to register their displeasure at the poor management of the situation by the managers of the economy.
This situation has worsened the fiscal and economic outlook of the Ghanaian economy, which continues to see a downgrade from international credit rating agencies like Fitch and Moody’s from “CCC” to “CC.”
