Ghana: If you can’t stable the cedi, you have no right being in office, according to Dr. Bawumia.

The Food and Beverage Association of Ghana (FABAG) has slammed Vice President Dr. Mahamudu Bawumia for the country’s deteriorating economic conditions.

The Vice President, according to the Association, failed due to poor foreign exchange rates.

Speaking on the Morning Star with Francis Abban on Wednesday, Sam Aggrey, Secretary of the Food and Beverage Association, stated that the Food and Beverage Association fully supports GUTA’s move.

“Because if you look at the way things are happening, our business capital is dwindling. If you take the cedi investment and the rate at which it keeps depreciating, therefore one cannot say that we have to be silent and sit down without doing anything for the government to know that we are serious bodies.”

“We were expecting that the government will announce certain remedies that will actually revert this trend of depreciation. Unfortunately, we’ve not heard anything, so once the government understands the closure of shops or strike that is the way we’ll communicate to him for him to know that there is a real problem on the ground,” Mr. Aggrey stated.

Concerning the cedi’s depreciation, Mr. Aggrey urged the government to address the currency’s rapid depreciation in order to reduce constraints on businesses.

“If they are not doing anything about this situation then they need not be in power. The Vice President assured that the cedi has been arrested and the key given to the IGP and therefore there is nothing like the cedi depreciation.”

“At least if it should depreciate, it should be slow but it is skyrocketing. He (Bawumia) is the same person who said if the fundamentals are weak the cedi will expose you. This is what we have been experiencing for the past year. What is he doing about it,” the secretary to FABAG questioned.

He added: “So we are asking them to wake up if they are sleeping then they should wake up and solve the problem. Because we are suffering and our investment cannot dwindle just like that. We need investors to come into this country and invest and if this is the way things are going to be then they have no business to be in power.”

This follows the Ghana Union of Traders Association’s (GUTA) closure of stores in the capital, Accra, to protest the country’s current tough economic conditions.

The demonstration is meant to put pressure on the government to solve the cedi’s depreciation, exorbitant interest rates, and surging inflation as soon as possible.

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