Cedi is in tatters, the exchange rate is on the run, and Ghana is in the wrong hands

The exchange rate today is galloping so fast that Ghana’s Economics Messiah has become clueless and a total mockery in every corner of the nation. For those who believe the current economic woes of the country are the result of some external factors we have no control over, you have to sit your brains up once more and ask yourselves whether Russia and Ukraine are going through the self-imposed hell Ghana is in now.

We have a leadership crisis on all fronts as a nation, right from the presidency to the least important person in government.

True and bold leaders take tough and unpopular decisions, however, President Nana Addo does not see the need to for once tap into the “useless knowledge and calls” by the masses, industry players and stakeholders.

According hbr.org “Decision-making lies at the heart of our personal and professional lives. Yet the daunting reality is that enormously important decision made by intelligent, responsible people with the best information and intentions are nevertheless hopelessly. Compounding the problem of high levels of unconscious thinking is the lack of checks and balances in our decision-making, as politicians lead without mastering the act of good decision-making and choices.

The reality is that Ghana has been in the wrong hands since January 7th, 2016, and today we are seeing the true incompetent managers of the country.

Ghana is in this mess because those who have been entrusted with this country do not have the needed solution to get us on track. President Nana Addo indicated during the COVID-19 pandemic that, the government knew how to bring the economy back to life but does not know how to bring people back to life.

Nana Akufo Addo: “We know how to bring the economy back, but we don’t know how to bring back life”.

Truth be told, the NPP-led government is shambolic and does not have what it takes to bring people and the economy back to life. Rather, it has through wrong economic decisions and choices created self-made poverty and suffering for the people of Ghana.

Today, The Cedi is in tatters, the exchange rate is on the run, and Ghana is in the wrong hands. Ghana has become a mini hell for us all who work hard to put food on the table in our various homes. Instead of dealing with our challenges, we are fuelling its complexities through poor judgement and decision-making as a nation. Corruption, Incompetence and Arrogance are good enough to describe the current government.

Ghana is in the wrong hands, leadership is not for everyone, and this quickly becomes evident when the current leaders of the country make bad decisions and stand by them as though the rest of the nation is a bunch of dump people.

“Leaders that are focused on their own hidden agendas lose sight of the bigger picture, quickly get disconnected from their employees and fail to build a team that lasts.   They make bad decisions on complicated issues with the intention of advancing their own agendas and career ambitions first.” Forbes.com

READ: Things are falling apart as the $ nears ¢1; Dr Nii Amu Darko writes

The free-falling Cedi only tells us the capabilities of the Waterloo economic management team of Ghana and the high level of incompetence exhibited arrogantly by our leaders.

Today, the Ghana Cedi is in tatters and has been declared the world’s worst-performing currency by Bloomberg, as the CEDI to a dollar ranges between GHS9.25 to GHS11.25 for just a dollar. On Monday 16th August, the Cedi plunged by 2.7% to a record low on the foreign exchange market and this is the lowest the Cedi has fallen in nearly 20 years.

As a country, we are getting everything wrong on all fronts as a result of the ongoing mismanagement by the current NPP-led government, which believes they know-it-all and everyone else knows nothing.

Inflation has crossed the 31% mark, and fuel and food prices are on the upward trajectory, real wages and salaries continue to reduce as prices of goods and services surge upward.

These are all indications that this country is in the wrong hands and the NPP-led government must not be given the nod by Ghanaians in 2024. This country needs to be rescued. Eight years of suffering by the masses is enough.

READ: Ghana Cedi in tatters as world’s worst performing currency by Bloomberg

Vice-President Dr. Bawumia made us all believe he was Ghana’s solution to the over-magnified economic challenges of the previous government, but today we know that we solve our colour television to buy an attractive Black and White TV that does not even work.

Dr Nii Amu Darko in his recent write-up on the current happenings in Ghana reminded Vice-President Dr. Bawumia, Mr. Talk-More-Do-Little of his famous pronouncement “When the fundamentals are weak, the exchange rate will expose you.”

READ; Things are falling apart as the $ nears ¢10: Dr Nii Amu Darko writes

Indeed, When the fundamentals are weak, and it is covered in lies and incompetent weak leadership, the exchange rate will expose you. That’s true, and that’s what we’re seeing.

1. Our balance of payment is deep negative
2. Our fiscal deficit is deep negative.
3. We have no or limited access to international capital markets
4. We have to print more money to “plug” the hole in the fiscus
5. Deceitful budget leading to loss of confidence in our country
6. Multiple downgrades by credit rating companies causing investor fright
7. Flight of investor capital because of fright above: panic withdrawal-to-safety
8. Speculation and further withdrawals
9. Local purchase and storage of $ by the rich in town
10. Fear of depletion of reserves to shore up the cedi.

READ: Ghana Central Bank Plans Emergency Meeting After Currency Slump – Bloomberg

All the above will lead to a vicious cycle of depreciation. Things will fall apart. The centre will very soon no longer hold because we are not going to come out of the current state soon. With the Cedi in tatters, and the exchange rate on the run, we should all brace up as Ghana seems to be crossing the dangerous economic mismanagement red line.

Source: Wisdom Hammond | Leadership expert.