Afro-China Analyst, Dr Lloyd Amoah, says Ghana does not need a President if he is to go by President John Mahama’s own arguments that local policies and decisions have nothing to do with the depreciation of the local currency.
“If downturns in the global economy are responsible for Ghana’s economic woes then global economic good times are responsible for our economy’s upswing”, Dr Amoah argued.
He, therefore, wondered: “Does Ghana need a President then (to do what?) And can a President be held responsible or take any credit for the state of the economy?”
President Mahama wrote on his facebook page on Thursday that the depreciation of the local currency has everything to do with the global market and nothing to do with his Government’s policies.
“Regarding the depreciation of the Ghana Cedi, I want you all to know two major things. First: this is not caused by our national decisions. We are part of the global financial system and so we share both its ups and downs”, Mr Mahama said.
He explained that: “Since the beginning of this year, several countries, with stronger economies than ours, have seen their currencies depreciating due to the moves of international players on the stock market. In January, for instance, Argentina’s peso fell more than 20%, Turkish lira lost 6%, the South African rand fell 7% and so did the Russian ruble”.