One of the main factors contributing to today’s worsening economic conditions in Ghana is the depreciation of the Ghanaian cedi.
On October 10, 2022, several forex bureaus in the nation are selling the currency at a rate of 11 to 1.
The cedi reached a record high of GHS/USD 4.45 this week, according to a tweet from Gabby Asare Otchere-Darko, a prominent member of the New Patriotic party, in June 2015.
While some social media users expressed disbelief over how the local currency has changed dramatically since 2015, others criticized the NPP government for running a “failed economy.”
According to the latest Bloomberg and World Bank report, the Ghana Cedi ranks as the worst-performing currency in Africa.
The World Bank report noted that: “The worst performing currencies in the region since the beginning of the year include those of Ghana (with a depreciation of 60 percent), South Sudan (50.8 percent), Sudan (28.6 percent), Malawi (25.4 percent), and CFA Franc (13.3 percent).”
You were running ur mouth as if you had an expertise in running an economy or administration. https://t.co/jwEfS5Thmi
— KWAME ???????? (@KwameNanaba) October 10, 2022
Wicked and Corrupt government.. you see how tables have turned around .. You see how you’re making Ghana look like rubbish in the sight of others .. Kill us all cos we’re tired ????????♂️????????♂️.. What did Ghanaians do to you and your president ????????♂️.. Can’t you see you’re killing us ???? ???? https://t.co/iwyJJlVYRH
— big_Shedoo (@niimants39) October 10, 2022
It just touched ghc 11.23 https://t.co/4kOACjKv2I
— ឵឵឵ ឵឵឵ Sekunde???????????????? (@Kofi_Phanteboi) October 10, 2022
The cedi touched a record high of GHS/USD 11 this week https://t.co/NcWF6LAr8k
— Kwame Kyei Baffour (@kwamekyeibafour) October 10, 2022