By Savannah Pokuaah Duah
National Democratic Congress (NDC) Director of Legal Affairs, Edudzi Tamakloe, has raised alarms over the alarming fluctuations in the Ghanaian cedi’s exchange rate and their detrimental effects on businesses and citizens alike.
In an interview with an Accra-based media station on Monday, November 18, 2024, Tamakloe drew stark comparisons between the economic conditions of 2016 and today.
“If you had 1 million Ghana cedis in 2016, that would have given you $250,000. Today, under the incompetent management of the exchange rate by Dr. Mahamudu Bawumia, that same amount gives you just $65,000,” he stated.
He elaborated on the implications for local businesses, particularly those involved in importing goods. “If a spare parts dealer needed $10,000 to buy anything abroad, in 2016, you needed just 42,000 cedis. Today, you need a staggering 172,000 cedis for the same amount,” he lamented.
Tamakloe did not shy away from highlighting the personal impact of these economic changes on everyday Ghanaians. “The most painful part is that if your mother or father is on diabetes or blood pressure medication, it now costs four times more to buy the same drugs due to the depreciation of the cedi. People are dying because they cannot afford their medications,” he asserted.
Addressing the government’s priorities, Tamakloe criticized President Akufo-Addo’s decision to allocate $58 million towards the construction of a National Cathedral. “What would have been expected of a prudent leader at his advanced age is to think about the future of our people. Instead, he used $58 million to dig a hole,” he stated.
Tamakloe further emphasized with a call for greater awareness among Ghanaians regarding the current economic situation. “I want the next Monday show to be done at the cathedral site for Ghanaians who haven’t appreciated what is happening. We need to shine a light on this issue,” he declared.
