President Mahama: Don’t blame me for cedi fall
The President John Dramani Mahama has dismissed claims that bad government decisions is causing the current depreciation of the cedi.
According to the President the current depreciation of the cedi is as a result of global economic trends and cannot be attributed to economic policies or decisions of his administration.
Most political activists and the largest opposition party in the country the NPP have blamed the Mahama administration for causing the current economic crises in the country by its spending in the lead up to the 2012 elections.
Concerns have also been raised by Economist on Ghana’s spiraling budget deficit which was 12 percent in 2012.
But in a facebook post President Mahama denied assertions.
He pledged government’s commitment to addressing issues surrounding the depreciation of the cedi adding that measures will be taken to reverse the trend.
Below is the full post by John Dramani Mahama
Regarding the depreciation of the Ghana Cedi, I want you all to know two major things. First: this is not caused by our national decisions. We are part of the global financial system and so we share both its ups and downs.
Since the beginning of this year, several countries, with stronger economies than ours, have seen their currencies depreciating due to the moves of international players on the stock market.
In January, for instance, Argentina’s peso fell more than 20%, Turkish lira lost 6%, the South African rand fell 7% and so did the Russian ruble.
The second thing I want you to be sure of is that the government is aware of the effect this depreciation has on your lives.
We take all the proper measures to enable the Cedi to regain its strength against the US dollar and other major currencies.
This is a short term challenge and we will fix it. Panic only worsens things in the financial market, so bear with the government, confident and fearless, because we will chart the path for recovery.