As Ghana battles a tumultuous period nearing the 2024 presidential and parliamentary elections, a combo of crises emerges; both the economy and Vice President Dr. Bawumia’s stature encounter a downward spiral.
The Ghanaian Cedi’s freefall against major currencies paints a worrisome picture, mirroring the decline in Dr. Bawumia’s reputation as the New Patriotic Party’s flagbearer.
Despite his current position, the Vice President faced lackluster responses during his recent campaign tour, mainly attributed to alleged hired crowds and tepid receptions nationwide that diluted his messages.
Ironically, Dr. Bawumia, once celebrated for his economic prowess pre-2016, now faces scrutiny as possibly the worst economic manager in the 4th Republic’s history as his Vice Presidency term nears its end.
As of May 16, 2024, 12:20 pm, the Ghanaian Cedi grapples with rapid depreciation amidst surging general inflation and widespread public grievances over escalating hardships.
The Minority in Parliament has lambasted the government for the Cedi’s sharp decline against international currencies, citing irresponsible overspending by the NPP administration.
Dr. Cassiel Ato Forson, Minority leader, called for urgent action from Dr. Bawumia, emphasizing the adverse impact on businesses and individuals.
He criticized the delay in securing a $300 million IMF bailout tranche, attributing it to the economic team’s inadequacies in curbing the Cedi’s fall despite assurance attempts.
The Cedi’s unsettling depreciation trend, with consecutive drops against the US Dollar in recent years, presents an alarming scenario.
The year-to-date depreciation of nearly 13.2% as of May 10, 2024, signifies a looming economic uncertainty necessitating prompt remedial actions for sustainable stability.