More than hundred of people in Ghana street on Saturday, 5 November to protest against the rising cost of living for the country capital Accra.
But the protesters wants President Nana Akufo Addo, Vice President Dr Mahamudu Bawumia and Minister Finance Ken Ofori Atta to resign over their failure to address the country economic crisis.
And they also want the government to take practical measures to deal with the current economic hardship situations.
Most of the protesters carry placards that was writen different things like:
“Ghana is a crime scene”, “Poverty is on the rise”, “Resign or be impeached”, “If only you listened to fix the country” and so many others, then you can still rule us.
The Prices of fuel and essential commodities is going up sharply.
Inflation has rise to record of 37.2% and fuel prices increase by over 150% this year.
Because many of this problem is link from Ghana currency, because the Cedi lose value.
Ghana Cedi lost more than half of it’s value this year and it among the listed world worst performer against US Dollar.
The president Nana Akufo Addo has already announce some measures to address the problem.
And this including looking for ways to have cheaper fuel for Ghanaians and maintain 30% cut of their salary, the salary of the vice president and others government officials.
Now presently Ghana was the world second leading Producer of cocoa and Africa second-largest gold producer.
But now, the Ghana country is looking for $3 billion bailout from IMF to revive their economy.
The inflation rise against Ghana economic, Ghana is forcing challenges
Inflation rate for Ghana has reach one of the highest in the history of the country that has catch 37%.
According to Ghana Statistical Service, inflation has hit 37.2% for the month of September, this was the highest in over 20 years now.
Starting the year around 13.9%, the inflation rate move up the price of food, goods and services, living costs things.
Because the hikes in fuel prices also add more cost of living as transport affect most parts of the Ghanaian economy.
The Ghana Union of Traders Association (GUTA) has embark on protest on Wednesday, October 19 to resgister their displeasure over the economic facing crash down.
The Ghana government hasn’t yet react to the latest report about the Cedi as come the worst performing currency.
How Ghana move from standard to worst performing currency between two years
On February 2020, Global financial news, research and data organisation Bloomberg report that Ghana cedi was the best performing currency against the US dollar in the world from the beginning of 2020.
But during this time, Bloomberg report about the Ghana currency, the world’s second biggest cocoa producer strengthen by 3.9% in 2020, but the strongest over 140 currencies that it was track.
They explain that the massive turn-around from 2019 when Ghana cedi was weaker up to 13%.
Two years later, the cedi move from bestest performing currency to the worst.
But the Ghanaian Economist, Professor Godfred Bokpin believe that government bring this on to their self.
“They delay to reaching out to the (IMF), has they called it last year.”
“He added, from the beginning of this year, we insist that government should call (IMF) for the sake of moving dangerously.”
What cause this delay was the little assurance that their terms of fiscal sustainability which one can deduce from the 2022 budget.
He an elucidated that the government don’t have the monies to support their 2022 budget, something which make them searching for a ways to generate money locally like through the electronic transactions levy.
And their down fall them to remember the need of IMF on time because the devastation which Ghana was passing through right now is too cumbersome.