Mr. Alan John Kwadwo Kyerematen, founder of the Movement for Change andpresidential aspirant, has expressed concern about the loss of confidence in Ghana’s economy amid cedi depreciation sparking speculation and inflation fears.
Due to this, he said Ghanaians were speculating on the value of the local currency, causing many to rush to buy dollars and other foreign currencies to mitigate the impact of inflation on their savings.
“People are now speculating on the question of the cedi depreciation that has compelled many Ghanaians rush to buy dollars and other foreign currencies to reduce the impact of inflation on their savings,” he stated.
The 2024 presidential hopeful stated this while addressing a mini rally in Koforidua, the eastern regional capital, where he spoke with traders, market women, and the youth.
He also met with clergymen and students from Koforidua Technical University, urging them to support him in the upcoming December 7 presidential and parliamentary elections.
The Ghana cedi has faced severe crisis in recent years, sparking widespread concern and debate, as the currency continues to weaken against major foreign currencies.
According to data from the Bank of Ghana, the interbank exchange rate was quoted around 12 cedis per dollar in January 2024, but by May, it had reached a high of 14.1 cedis per dollar.
Economic analysts have expressed growing concern about the continuous depreciation, which has led to a loss of confidence in the economy, with businesses and consumers alike feeling the impact of rising inflation and dwindling purchasing power.
Mr. Kyerematen raised the alarm about the situation, sayingthat investors were hesitant to do business in the country due to the fear of potential losses.
He promised that when elected as president his government would introduce urgent robust measures and strategies to stabilize the tumbling currency and restore economic stability and confidence.
He said his plan to bring back the economy was firmly grounded in the initiatives he led during his tenure as Minister of Trade and Industry.
Examples of these initiatives include a national export strategy with the goal of attaining export revenue of $25 billion by 2030, reforms to the forex bureau sector, and the introduction of a digital platform for youth employment that promises secure job opportunities for graduates, among various other measures.
He expressed optimism that that these initiatives would restore confidence in the economy and lure investors back to Ghana.
Mr. Kyerematennoted that focusing on exports was crucial because it would enable the country to expand its productive capacity and subsequently find a market beyond the domestic market.
He also called for a change in the country’s political landscape, suggesting that it was time to move beyond the two main political parties, the NDC and NPP, which had dominated Ghana’s politics for over three decades without delivering significant improvements in the lives of Ghanaians.
He further advocated for Ghana to move beyond party manifesto promises and adopt a national development plan that prioritised continuity in governance.
He noted that such a plan would serve as a pathway to promoting sustainable and stable development, as well as improving the lives of Ghanaians in key areas such as agriculture, healthcare, and education.
“The introduction of a national development plan will ensure that if a political party fails to retain its seat after its tenure of office and another party takes over, that party will have to follow the existing plan to meet the objectives of the nation,” he said.
Adding, “When this happens, the projects and structures will not be left incomplete and uncompleted to retard development.”
