The Minority in Parliament has warned that the struggles of the Ghana Cedi are far from over, and the situation is likely to deteriorate further. With the local currency hitting a record low of GH₵15, traders are passing on the costs to consumers, leading to a significant surge in prices of goods and services.

Minority Leader Dr. Cassiel Ato Forson addressed journalists in Parliament on Wednesday, expressing concern over the devastating impact of the Cedi’s depreciation on businesses in key commercial areas like Okaishie, Abossey Okai, Kejetia, and others.

Despite massive foreign exchange inflows from the IMF and World Bank, totaling billions of Ghana Cedis and US dollars, the government’s management of the Cedi has failed to stem the tide of depreciation, with no end in sight, Dr. Forson lamented.

“So far, the decisions of the Economic Management Team, chaired by our Vice President Alhaji Bawumia leaves a lot to be desired. The reality of the Ghanaian economy today exposes the credentials of the so-called economic wizkid who was marketed as the savior of Ghana’s economy. Alhaji Bawumia’s credibility is now in tatters.”

He expressed worry that Dr Bawumia who doubles as the New Patriotic Party’s flagbearer is more fixated on his campaign for election than rescuing the ailing currency.

“I want to use this opportunity to urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing cedi. There’s a lot awaiting our country as a result of reckless mismanagement by Alhaji Bawumia’s government.”

This comes as traders across the country are crying foul over the devastating impact of the depreciating currency on their activities.

The business community is up in arms as the development has left some of them running into debt.

According to the Food and Beverages Association of Ghana (FBAG), the model of many entrepreneurs involves selling on credit, which has made it difficult for importers to pay back.

Speaking on Top Story on May 14, FBAG’s Executive Chairman, John Awuni described the situation as a

crisis as many products.

“It is a massive disaster because we see the working capital of most of the businesses being eroded.”

“Some of the businesses have even stopped selling because they don’t even know how to price it. Ghana is generally a credit market, they receive supplies from abroad on credit and they give to the Ghanaian distributors or wholesalers and retailers on credit.”