Accra-based financial expert Michael Nii Yarboi Annan has warned Ghanaians to prepare for further suffering in the coming months as the country’s economy encounters more challenges.
He asserts that the Akufo-Addo administration has been unable to control the rate of inflation and the depreciation of the cedi for months, which suggests that the purchasing power of more Ghanaians will drop over the coming few days.
Speaking to Piesie Okrah on the programme Asempa Yetia on Power FM, he lamented;
“The hardship you are complaining about is about 30 percent, the bad news is that it will get to about 50 percent very soon and your pockets will be drier than they are now.”
He anticipated that commodity prices will rise significantly in the days to come as the Cedi depreciates much more and importers struggle to secure dollars for their businesses.
As the unrelenting campaign to devalue the Cedi continues, the local currency is currently available for purchase in the retail sector for 11.62 pesewas.
This represents a decrease of over 6% since Friday, October 20, 2022. The insufficient supply of dollars in circulation is what’s causing the Cedi’s free collapse.
According to Myxyzonline.com, the cedi has lost more than 40% of its value against the US dollar since January of this year, which has had a detrimental effect on inflation.