Mahama Urges Akufo-Addo To Resign Amid Severe Cedi Depreciation
Mahama Urges Akufo-Addo To Resign Amid Severe Cedi Depreciation
Mahama Urges Akufo-Addo To Resign Amid Severe Cedi Depreciation
Mahama Urges Akufo-Addo To Resign Amid Severe Cedi Depreciation Former President and flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has called for President Nana Addo Dankwa Akufo-Addo’s resignation due to the sharp depreciation of the Cedi. Mahama made this call during a campaign rally in Nkwabeng, Bono East Region, where he concluded his tour of the area.
Speaking to a crowd in the Nkwanta South District, Mahama expressed deep frustration with the government’s handling of the economy, particularly the drastic fall of the Cedi. The former president pointed out that the local currency, which once traded at over GH¢15 to one US dollar, has continued its downward spiral, further worsening economic conditions for Ghanaians.
● Comparisons Between Mahama’s Era and Current Government
Drawing a stark comparison between his administration and the current government, Mahama highlighted the significant differences in inflation and exchange rates. He emphasised that during the late President Atta Mills’ administration, the exchange rate stood at GH¢2 to a dollar. By the end of Mahama’s tenure, it had risen to GH¢4 to a dollar. However, under President Akufo-Addo, the exchange rate has now surged to more than GH¢16 to one US dollar.
“During the Atta Mills’ administration, the exchange rate was GH¢2 to a dollar. When I left office, it was GH¢4 to a dollar. After nearly eight years under Akufo-Addo, we now have GH¢16 to a dollar,” Mahama said, underscoring the rapid decline of the currency.
● Impact of Cedi Depreciation on Cost of Living
Mahama expressed concern over the severe impact the depreciating Cedi has had on the cost of living, noting that prices of essential goods and services, including building materials like cement, have surged as a result. The depreciation has caused businesses and households to struggle with increased operational costs, putting significant pressure on the average Ghanaian.
“The continued depreciation of the Cedi has made life unbearable for many Ghanaians. Even the prices of cement have skyrocketed. It is difficult to understand how GH¢16 to a dollar can be seen as an improvement over GH¢4 to a dollar,” Mahama lamented.
Mahama questioned President Akufo-Addo’s commitment to the welfare of Ghanaians, arguing that had the president been truly accountable, he would have stepped down when the Cedi first began its steep decline. He called for the government to take responsibility for its economic mismanagement and for the president to resign in the face of the current crisis.
“President Akufo-Addo should have resigned long ago when the Cedi depreciated to GH¢16 per dollar,” Mahama stated. “It is difficult to see how this government can claim they have made progress when the cost of living has become so unbearable for ordinary Ghanaians.”
As the 2024 general election approaches, Mahama’s calls for accountability and his criticism of the government’s economic policies are likely to resonate with voters who have felt the pinch of the rising cost of living. He has vowed to tackle the economic challenges head-on if given the opportunity to lead the country again.
