Politics

We have seen bad before, but this is worser than worse! Pray4Ghana – Senyo Hosi laments over hard times

A former Chief Executive Officer(CEO) of the Ghana Chamber of Bulk Oil Distributors Senyo Hosi has urged Ghanaians to pray for the country given the dire economic straits it is in at the moment.

The Finance and Economic Policy Analyst in social media post described the prevailing situation in the country as ‘worser’ than worse, something that the country has never witnessed.

“We have seen bad before, But this is worser than worse! Pray4Ghana,” he wrote.

Amid a free fall of the value of the Cedi against the dollar and soaring inflation, Ghana is currently in talks with the International Monetary Fund (IMF) for a bailout in order to help manage its balance of payment challenges.

Complaints of daily struggles to meet basic living expenses abound in both mainstream and social media.

But Government has blamed the precarious economic situation on the impact of the COVID-19 pandemic and the Russian-Ukraine crisis, an excuse many have rejected with the retort that Ghana’s economic peers that have suffered both COVID-19 and the Russian-Ukraine crisis are not in the poor economic situation Ghana finds itself.

The Ghana Union of Traders Association ( GUTA), a group hard hit by the exchange rate depreciation of the Cedi has announced closure of its shops beginning tomorrow October 19, 2022 as a form of protest to get Government to stem the tide of the Cedi’s loss of value. They have stressed that the loss of value of the Cedi is eating into their business capital and effectively collapsing their trade.

Source: mynewsgh.com

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