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Ghanaian currency takes a nose dive
Accra, May 26, Ghanadot/GNA – Nana
Addo Dankwa Akufo Addo, Election 2008 Presidential Candidate of
the main opposition New Patriotic Party (NPP) on Tuesday said
the Ghanaian currency had lost a significant portion of its
value since the new government assumed office in January 2009.
“This has led to the prices of basic items shooting up
dramatically, undermining the living standards of the broad
masses of the people,” Nana Akufo Addo stated at a party forum
organized to review the current situation in the country, spell
out strategies for reorganizing the party and reinvigorate the
supporters after loosing his presidential bid in the last
elections.
The forum was attended by leading NPP members, including
National Chairman, Mr Peter Mac Manu, General Secretary, Nana
Ohene Ntow, Minority Leader, Mr Osei-Kyei Mensah-Bonsu, Second
Deputy Speaker, Professor Mike Ocquaye, former ministers of
state, Members of Parliament, other national and regional
executives as well as a large party faithfuls.
Nana Akufo Addo said the cost of basic food such as an olonka of
gari had moved from one Ghana cedi in January to one cedi, sixty
pesewa, olonka of maize from 1.70 Ghana cedis to 2.50 Ghana
cedis; 50 kilo bag of rice from 63.00 to 75.00 cedis and
vegetable oil from 2.50 cedis to 3.50 cedis.
“This is the practical effect of a growing inflation and growing
loss of confidence in our economy…the effect is that instead of
putting money in our pocket as promised by the ruling National
Democratic Congress (NDC) food has been taken off your tables
and money out of your pocket.
“Instead of lightening the hardships that have been imposed on
the Ghanaians people by an alleged insensitive and uncaring NPP
government, as President John Evans Atta Mills promised during
Election 2008 campaign, we have seen in this brief five-month
period of even greater hardships being visited on our people,”
he said.
Nana Akufo Addo said the nation experienced similar fate in the
late 1990s when current President Mills was the Vice President
while the current Minister of Finance and Economic Planning, Dr
Kwabena Dufuor, the Governor of Bank of Ghana were in charge of
the economy.
“Then, just like now, there were high inflation and interest
rates, and our currency kept losing value, the government
appeared to be helpless in doing anything about it.
“Just like now, business people were happier investing their
money in 90-day Treasury Bills than in expanding their business
and creating jobs,” Nana Akufo Addo stated.
The NPP Election 2008 Presidential candidate reminded the
government of its promise for a “Better Ghana,” stressing; “it
should mean among other things, better jobs, better pay, better
personal security, better sanitation, better homes, better
schools, better hospitals, better roads, better prices of goods
and service.
“It is not a Better Ghana, when instead of a lean government, we
have lean kenkey at a higher price, these are the issues which
the NDC government and its activists should be tackling instead
of seeking to divert attention with threats, intimidation,
assaults, car-snatching, seizure of lorry parks and toilet
grabbing”.
Nana Akufo Addo urged President Mills to concentrate on the
concerns of newly qualified teachers, doctors, and nurses,
address the problem of unreliable water and electricity supply.
“President Mills should work to secure the healthcare legacy of
former President John Agyekum Kufuor in the form of the National
Health Insurance Scheme by improving the delivery of services in
our hospitals and generally fulfil its campaign promises as
captured in their manifesto,” he said.
Nana Akufo Addo urged the government to act with dispatch to
address the free-fall of the cedi by working with private
business operators, Bank of Ghana and private banks, while
making responsible utterances in the economy at home and abroad.
“The restoration of a stable cedi will go a long way to
restoring the confidence of the business community which is
absolutely essential for getting the investment that will bring
systematic growth and rapid expansion of our economy…this is the
surest way to prosperity for the broad masses of our people,” he
said.
GNA
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