Mahama Takes On Akufo-Addo Over Cedi Depreciation

The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has intensified his criticism of President Nana Addo Dankwa Akufo-Addo’s handling of the economy, calling for his resignation over the rapid depreciation of the Ghanaian cedi.

Addressing a rally in Nkwabeng in the Nkwanta South District, as he concluded his tour of the Bono East Region on Friday, former President John Mahama expressed frustration with the current exchange rate, which has exceeded GH¢16 to the US dollar.

Mahama’s comments come on the claims that the cedi continues to plummet against the dollar, sparking widespread concerns about the impact on the economy and the standard of living of Ghanaians.

The former president’s criticism of Akufo-Addo’s economic management is not new.

In recent months, John Mahama has been vocal about the government’s handling of the economy, accusing Akufo-Addo of mismanaging the country’s finances and failing to address the root causes of the economic crisis.

According to Mahama, Akufo-Addo’s failure to stabilize the cedi and address the economic challenges facing the country is a clear indication that he is no longer fit to lead.

“It’s hard to see how GH¢16 to a dollar can be considered better than GH¢4. Unfortunately, we are all living through this difficult period,” Mahama said, pointing out that even the prices of basic commodities, such as cement, have soared due to the exchange rate pressures.

The depreciation of the cedi has been a major concern for the government, with the exchange rate rising from GH¢4 to a dollar when Akufo-Addo took office in 2017 to over GH¢16 to a dollar currently.

The government has attributed the depreciation to external factors, including the COVID-19 pandemic and the Russia-Ukraine war.

However, critics argue that the government’s economic policies, including the decision to seek an IMF bailout, have contributed to the crisis.