The economic situation in Ghana is at its worst ever in history owing to the rising exchange rate. Currently the exchange rate is a dollar to more than 10 Ghana Cedis. This has not happened before. Unfortunately, the government has exhausted all its excuses.
One of the reasons for the rising exchange rate is the reduced dollar notes in the country. In 2019, the government pumped 1 billion dollars into the economy with the hope that it will peg the cedi. Unfortunately, that didn’t work.
The current free fall of the cedi has been attributed to other factors. However no one thought that the dollars in the system could be hauded to cause artificial shortage. But facts are that some wicked individuals are hauding the dollars for reasons best known to them.
In a video intercepted by CitizenOne, four men believed to be Lebanese are arrested for doing the unthinkable. According to Kesben FM, the Lebanese had packed bundles of dollars in vehicle tyres. The narrator did not tell why they did that. However, the journalist suggested that the foreigners did so in order to cause acute shortage of the US currency and thereby increase the exchange rate.
The journalist stated that Ghanaians are always quick to blame government for everything which should not be the case. He advised that sometimes Ghanaians should take the pain to investigate certain issues before jumping into conclusion.
In a related news, Dr. Bawumia and Nana Addo are having tough times defending the free fall of the cedi. Under the adminsitration of John Mahama, Nana Addo described the then President as incompetent because a dollar was equivalent to 2 Ghana Cedis. According to Nana Addo, a dollar was equal to a cedi under John Agyekum Kuffour. He added that for John Mahama’s government to sit and watch a dollar to go for 2 Ghana Cedis was an insult to Ghanaians. He demanded for an apology from then President Mahama to Ghanaians.
On his part, Dr. Bawumia stated that the then government was hiding the poor economic situation from Ghanaians. He said the government could engage in any propaganda but the exchange rate will expose the system.
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