By King Amoah, Kumasi
Just months after the government touted the Ghana cedi’s success in competing with the US dollar, a sharp reversal has sparked widespread concern and criticism of President Mahama’s administration.
The initial appreciation was welcomed as a positive step towards economic reform, silencing many who had been bearing the brunt of rising fuel and power cost.
However, the recent depreciation of the dollar is proving to be a significant blow, prompting Ghanaians to demand answers and question the direction of the economy.
A survey conducted across the Ashanti region reveals a growing sense of unease and disillusionment.
In Kumasi’s Suame Magazine, a spare parts dealer named Kweku Duah lamented the sudden shift. “Things were looking up. We saw prices of spare parts coming down, and business was booming.
Now, sales are low again because of this dollar issue,” he said, expressing confusion and frustration.
The situation is similar in Obuasi, where traders are voicing strong concerns, even suggesting the recent depreciation is a deliberate act by the government.
One trader Kwaku Jackson stated, “Why this sudden depreciation? We demand an explanation from the government, or we will resort to demonstrations.”
This sentiment highlights the growing distrust and desperation among the business community.
In Ejisu, traders echoed the sentiment of economic hardship, directly attributing it to the depreciating dollar. They warn that if the government fails to act decisively, the country’s economic situation will deteriorate significantly within the next two months.
The impact is also being felt by individuals like Abena Amoakowa, a second-hand clothes dealer in Offinso.
She recounted being forced to halt the purchase of new bales of goods due to soaring prices, which sellers link directly to the dollar’s depreciation, making imports prohibitively expensive.
“What is happening with the Mahama administration within the five months of them assuming office? We are dying because of the cost of living,” exclaimed Charles Obimpeh, a trader from Bekwai.
These voices reflect a broader disappointment with the current administration. Many Ghanaians are expressing concern that if the currency issues and other economic challenges are not addressed promptly, President Mahama’s promises of “resetting Ghana” and implementing flagship policies will remain unfulfilled.
The initial optimism surrounding the early gains made by the cedi has been overshadowed by the current economic anxieties, leaving citizens questioning the future of the economy under the current leadership.
The pressure is now on the Mahama administration to provide clarity and implement effective solutions to address the depreciating dollar and restore confidence in the Ghanaian economy.
