Edudzi Tamakloe, the Director of Legal Affairs for the National Democratic Congress (NDC), has raised concerns over the sharp depreciation of the Ghanaian cedi and its negative impact on both businesses and citizens.
In an interview with an Accra-based media outlet on Monday, November 18, 2024, Tamakloe compared the current economic situation to that of 2016, highlighting the alarming effects of the currency’s volatility under the management of Dr. Mahamudu Bawumia.
“If you had 1 million Ghana cedis in 2016, it would have been equivalent to $250,000. Today, due to the mismanagement of the exchange rate, that same 1 million cedi is worth just $65,000,” Tamakloe explained.
He further underscored the difficulties faced by local businesses, particularly importers. “For example, a spare parts dealer who needed $10,000 to buy goods abroad would have paid only 42,000 cedis in 2016. Today, that same amount of dollars costs a staggering 172,000 cedis,” he lamented.
Tamakloe also highlighted the personal toll of the cedi’s decline, noting how everyday Ghanaians are suffering as a result.
“The most heartbreaking part is that people with chronic conditions, like diabetes or high blood pressure, now pay four times more for their medication because of the cedi’s depreciation. People are literally dying because they can no longer afford life-saving drugs,” he said.
Turning his attention to the government’s priorities, Tamakloe criticized President Akufo-Addo’s decision to allocate $58 million for the construction of a National Cathedral. “A leader at his age should be focused on securing the future of our people, not digging a hole for a cathedral,” he remarked.
Tamakloe concluded with a call for greater public awareness, urging Ghanaians to fully grasp the gravity of the current economic crisis. “We need to bring attention to this issue. I suggest the next show be held at the cathedral site, so Ghanaians who haven’t yet understood the situation can see it for themselves,” he said.
