Rate of cedi depreciation heart-wrenching, it’s not funny anymore - Sammy Gyamfi

In a Twitter post on Wednesday, October 19, 2022, Sammy Gyamfi said the Cedi depreciation has gotten to a point where it is heart-wrenching.

He suggested that the current economic challenges confronting the country has been occasioned by ‘financial recklessness’ by the government.

“We are all reaping the seed of financial recklessness sowed by our leaders, @NAkufoAddo and @MBawumia. This rate of depreciation of the Ghana cedi we are currently witnessing is simply heart-wrenching. It’s not funny anymore,” Sammy Gyamfi tweeted.

The Cedi has recently been classified by Bloomberg as the worst-performing currency against the US Dollar.

Currently, the Cedi is trading at around GH₵13 to a dollar at some forex bureaus. The depreciation rate is a contributory factor for the ongoing shop closures ordered by the Ghana Union of Traders Association (GUTA).

According to the group, the fast depreciation of the Cedi is eroding their profits and also increasing the cost of doing business.

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