Depreciation of the Cedi shows lack of confidence in economy – Mahama

Former President John Dramani Mahama says the steep depreciation of the Ghana Cedi in recent days clearly shows that the mid-year review of the 2022 Budget failed to win back the confidence of the investor community and the Ghanaian public.

In a Facebook post on Tuesday, August 9, 2022, the former President said “There appears to be no end to the problems with the Ghanaian economy, with the recent downgrade to CCC+/C Junk status.”

For him, no credible remedial plans have been put forward by the government to salvage the economy, saying also that calling for a “national dialogue on the economy, bringing some of our best brains together will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme.”

Below is the post by the former president

There appears to be no end to the problems with the Ghanaian economy, with the recent downgrade to CCC+/C Junk status.
The steep depreciation of the Ghana Cedi in recent days, clearly shows that the mid year review of the 2022 budget failed to win back the confidence of the investor community and the Ghanaian public.

Unfortunately, no credible remedial plans have been put forward by the government to salvage the economy.

A national dialogue on the economy, bringing some of our best brains together will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme.