Michael Nii Yarboi Annan, a financial expert based in Accra, has advised Ghanaians to brace themselves for additional suffering in the upcoming months as the nation’s economy faces greater difficulties.
According to him, the Akufo-Addo administration has been unable to manage the rate of inflation and the devaluation of the cedi for months, which implies that more Ghanaians’ purchasing power would decline over the next 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.”
In the following days, when the Cedi depreciates even further and importers struggle to obtain dollars for their enterprises, he predicted that commodity prices will climb freely.
The local currency is currently selling in the retail market for 11.62 pesewas as the push to devalue the Cedi continues relentlessly.
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.