Dollar Has Broken The 12, Where’s Your Economic Wizkid Bawumia? – Sammy Gyamfi Quizzes Government

The National Communications Officer of the NDC, Sammy Gyamfi, has questioned the whereabouts of the Vice President, Dr Mahamudu Bawumia, in the face of recent depreciation of the Ghana Cedi.

In a Facebook post on Friday, the NDC spokesperson asked about the Veep, who he said has been paraded by his supporters as an ‘economic wizkid’.

In what appeared to be a taunt to the ruling New Patriotic Party, Sammy Gyamfi stated that, no amount of distractions will derail him.

“Knowing your long-standing hatred for me and your determination to see my downfall, I can understand the desperation on display.

For your information, I remain focused, unshakable, impregnable and unbreakable. None of these things move me. Know this truth and stop wasting your time and data on me.

The dollar has shattered the 8 and broken the 12. Where is your economic wizkid, Dr Mahamudu Bawumia now?”, portions of the post read.

The comments by Sammy Gyamfi, follow the news of the Cedi’s further depreciation against the dollar on Friday.

The Ghana cedi breached the ¢12 to the dollar mark on Friday, October 14, 2022; selling at ¢12.10 at most forex bureaus or the retail market.

This development comes within a week after the cedi earlier depreciated against the dollar.

A visit by Joy Business to some forex bureaus indicates that most of the operators are selling the dollar for more than ¢12. They claim supply of dollars has reduced significantly.

Again, the cedi is losing grounds quickly against the pound and euro. Whilst a pound is going for about ¢12.70, one euro is selling at ¢11.10.

Cedi hits ¢12.10 to a dollar

Within a week (October 10-October 14), the local currency has lost more than 6% value to the dollar. This means the year-to-date depreciation of the cedi is hovering around 46%.

By this rate of depreciation, the working capital of businesses, particularly manufacturers that depend on raw materials from overseas, have gone down by about 46% since January 1, 2022 as quoted by Myjoyonline.com.

Meanwhile, scores of Ghanaians have taken to social media to bemoan the situation; urging government to take urgent steps to address the consistent depreciation of the country’s currency.