Former Deputy Minister for Employment and Labour and ex-MP for Upper Denkyira East, Hon. Dr. Festus Awuah Kwoffie, has criticized the government over the sharp depreciation of the Ghana cedi, describing it as evidence of poor economic management and manipulation of figures. Speaking on Denkyiramanon Radio’s National Agenda political programme hosted by CJ, he alleged that the Ministry of Finance presented “artificial statistics” earlier this year to create a false sense of economic stability, which has now been exposed by the rapid decline of the local currency.
Dr. Kwoffie explained that the impact of the depreciation is being felt across the economy, with traders and business operators unable to access dollars from banks to support import transactions. He argued that this shortage of foreign exchange is crippling trade and worsening the hardship of ordinary Ghanaians. Citing a recent Bloomberg report, he warned that the cedi could weaken further in the coming weeks if urgent corrective measures are not taken, stressing that a weaker currency fuels higher costs of imports, fuel, and general goods and services.
He further cautioned that the continued depreciation will impose greater burdens on households, particularly low-income families already grappling with soaring prices. According to him, the ordinary Ghanaian is bearing the brunt of the crisis, and tougher times lie ahead unless policymakers adopt practical interventions to stabilize the cedi and restore investor confidence. Dr. Kwoffie urged government to be transparent about the true state of the economy and implement bold measures to arrest the decline.
