Dr. Hassan Ayariga Urges Government to Halt Cedi Depreciation

Dr. Hassan Ayariga, Founder and Leader of the All People’s Congress (APC), has called on the government to take immediate action to stop the rapid depreciation of the Ghana cedi, which he says is exacerbating economic hardships for the citizens.

At a press conference in Accra, Dr. Ayariga outlined the severe impacts of the cedi's depreciation against major currencies. He emphasized that the falling value of the cedi has led to increased costs for imported goods and services, thereby contributing significantly to inflation and economic instability in the country.

"The depreciation of the cedi has become a major source of worry, economic hardship, and pain, especially for Ghanaian business owners, pensioners, traders, and businesses dependent on the dollar or foreign inflows," Dr. Ayariga stated. He noted that as of the end of April, the cedi had depreciated by 5.5 percent against the US dollar, a higher rate than the 4.2 percent recorded during the same period last year. This trend, he added, is particularly unusual in an election year.

Dr. Ayariga urged the government to restore the strength of the cedi by implementing policies that promote economic stability, reduce corruption, and improve resource management. He advocated for investments in key sectors such as production, manufacturing, and industrialization to bolster the economy.

In addition, Dr. Ayariga proposed several measures to control the use of foreign currencies within the country. These include banning forex trading, shutting down businesses that charge in dollars, stopping the quotation and awarding of contracts in foreign currencies, and banning the opening of foreign currency accounts. He also suggested that the government should prohibit hotels, businesses, airlines, landlords, schools, automobile companies, and shipping lines from quoting and charging in foreign currencies.

Dr. Ayariga's call to action underscores the urgency of addressing the cedi's depreciation to safeguard the economic well-being of Ghana's citizens.

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