June 20, 2024
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Alan Kyerematen expresses concern over loss of confidence in Ghana’s economy

Founder of the Movement for Change and presidential hopeful, Alan Kyerematen, has expressed concern over what he describes as the loss of confidence in Ghana’s economy amid cedi depreciation, sparking speculation and inflation fears.

He said Ghanaians were speculating on the value of the local currency, causing many to rush to buy dollars and other foreign currencies to mitigate the impact of inflation on their savings.

The 2024 presidential hopeful stated this while addressing a mini rally in Koforidua, where he spoke with traders, market women, and the youth.

He also met with clergymen and students from the Koforidua Technical University, urging them to support him in the upcoming December 7 presidential and parliamentary elections.

The Ghana cedi has faced a crisis in recent years, sparking widespread concern over its weakening against major foreign currencies.

Data from the Bank of Ghana quoted the interbank exchange at around ¢12 to a dollar in January 2024, but by May, it had reached a high of ¢14.1 to a dollar.

Economic analysts have expressed concern over the continuous depreciation, with businesses and consumers feeling the impact of rising inflation and dwindling purchasing power.

Mr Kyerematen said the situation had led to loss of confidence by investors in the economy, hesitant to do business in the country due to the fear of potential losses.

He promised to introduce urgent robust measures and strategies to stabilize the currency and restore economic stability and confidence when elected as president.

He said his plan to bring back the economy was firmly grounded in the initiatives he led during his tenure as Minister of Trade and Industry.

Examples of those were the national export strategy to attain export revenue of $25 billion by 2030, reforms to the Forex Bureau sector, and the introduction of a digital platform for youth employment that promised job opportunities for graduates, he said.

He expressed optimism that those initiatives would restore confidence in the economy and lure investors back to Ghana.

Mr Kyerematen noted that focusing on exports was crucial because it would enable the country to expand its productive capacity and subsequently find a market beyond the domestic market.

He called for a change in the country’s political landscape, suggesting that it was time to move beyond the two main political parties, the NDC and NPP, which had dominated Ghana’s politics for over three decades without delivering significant improvements in the lives of the people.

He advocated a move beyond party manifesto promises to the adoption of a national development plan that prioritised continuity in governance.

Such a plan would serve as a pathway to promoting sustainable and stable development, and improve the lives of Ghanaians in key areas such as agriculture, healthcare, and education.

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