Professor Lord Mensah, a senior lecturer at the University of Ghana Business School (UGBS), has criticized the government’s handling of the economy.

The UG lecturer in his critique highlighted the Cedi’s recent struggles against the US dollar.

Prof. Mensah took to X formally known as Twitter on May 14, 2024, to express his concerns about the country’s economic trajectory.

He noted that the Cedi’s depreciation directly responds to underlying economic issues that the government has obscured.

“The Cedi is now responding to the hidden picture of our economic mismanagement. Too much hope in the dollar now. When you continue to lie about the economy, the exchange rate will expose you,” Prof. Mensah tweeted.

The Interbank forex rates from the Bank of Ghana as of May 15, 2024, showed that the Ghana Cedi was trading against the dollar at a buying price of 13.7161 and a selling price of 13.7299.

At a forex bureau in Accra, the dollar was being bought at a rate of 14.50 and sold at 14.85.

Against the Pound Sterling, the Cedi is trading at a buying price of 17.2590 and a selling price of 17.2777.

At a forex bureau in Accra, the pound sterling was being bought at a rate of 17.90 and sold at a rate of 18.50.

The Euro traded at a buying price of 14.8350 and a selling price of 14.8497.

At a forex bureau in Accra, the Euro went for a buying rate of 15.45 and sold at 15.95.

The Minister for Trade and Industry, Kobina Tahir Hammond, has ordered the Cement Manufacturing Development Committee (CMDC) to direct cement manufacturers in the country to “reverse immediately the increase in cement prices recently announced in the country.”

The Minister’s directive comes in response to the recent arbitrary increases in cement prices. He further requested the publication of the retail prices of cement by all manufacturers, a move aimed at halting the continuous price hikes.

In a bid to ensure uniform cement prices nationwide, the Minister reiterated his call for the CMDC to adopt a unified cement pricing mechanism. This mechanism is akin to the Unified Petroleum Pricing Fund (UPPF) adopted by the National Petroleum Authority for fuel retail in Ghana.

The CMDC, established under the Ghana Standards Authority (Manufacture of Cement) Regulations, 2023 (LI 2480), is chaired by the Director General of the Ghana Standards Authority (GSA), Prof Alex Dodoo.

The committee comprises representatives from various sectors including cement manufacturers, the Association of Ghana Industries, the Environmental Protection Agency, the Ghanaian Institution of Engineers, the Ministry of Trade and Industry, and the Ministry of Environment, Science, Technology and Innovation.

As the regulator for cement manufacture in the country, the CMDC is charged with promoting the “manufacture, wholesale and retail of cement and cement components.”

This latest directive from the Minister, is considered to be part of the government’s commitment to ensuring fair pricing in the cement industry.

The Minority in Parliament has expressed concern over the persistent depreciation of the local currency, the Ghana cedi, warning that the situation is likely to deteriorate further if measures are not taken to curtail it.

They highlighted that the local currency has now reached GH¢15 against the US dollar, leading businesses and traders to pass on the increased costs to consumers.

The free fall of the Ghana cedi has already resulted in a noticeable surge in the prices of goods and services across various commercial districts such as Okaishie, Abossey Okai, and Kejetia.

Speaking with journalists in Parliament on May 15, Minority Leader Dr. Cassiel Ato Forson criticized the Chairman of the Economic Management Team and Vice President, Dr. Mahamudu Bawumia, for what he perceives as a failure to effectively address the local currency’s depreciation.

Dr. Ato Forson emphasized the adverse impact of the cedi’s decline on businesses, stressing the need for urgent action to stabilize the situation.

“In spite of the huge inflows of foreign exchange from the IMF and the World Bank into the Ghanaian economy, and I’m talking about billions of Ghana Cedis, billions of US dollars, the government’s actions and its management of the Cedi have continued to fuel steep depreciation with no end in sight, unfortunately.

“So far, the decisions of the Economic Management Team, chaired by our Vice President Alhaji Bawumia, leave a lot to be desired. The reality of the Ghanaian economy today exposes the credentials of the so-called economic wizkid who was marketed as the savior of Ghana’s economy. Alhaji Bawumia’s credibility is now in tatters.

“I want to use this opportunity to urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing Cedi. There’s a lot awaiting our country as a result of reckless mismanagement by Alhaji Bawumia’s government,” he said.

The Minority’s remarks come amidst growing concerns among businesses, traders, and consumers regarding the persistent depreciation of the Ghana cedi against major trading currencies and its ripple effects on the cost of living.

In the past few months, many businesses and traders have been forced to adjust their prices for goods and services upwards to offset the increased exchange rates, further burdening consumers already grappling with economic challenges.