The depreciation of the Ghana cedi has plunged Ghanaians into a dire financial crisis.

Tax analyst, Joe Jackson, lamented the depreciation of Ghana’s cedi which has reduced purchasing power by 66% in the last year.

According to him, his income has remained the same from October 2021 to date.


Read the full story originally published on September 18, 2022, by GhanaWeb

Tax analyst, Joe Jackson, has lamented the depreciation of Ghana’s cedi which has reduced purchasing power by 66% in the last year.

According to him, his income has remained the same from October 2021 to date.

In a Twitter post on September 18, 2022, he wrote, “My income in Cedis has remained the same since Oct 2021. My purchasing power has dropped by 66%. GHS 600.00 was USD 100.00 a year ago. Today it is worth USD 60.00.”

Commenting on his post, other Twitter users shared similar sentiments, with some calling on the government to act in its power to solve the country’s crisis.

Others want Ghana to reduce its excessive taste for foreign goods which has resulted in an increase in imports, being a leading factor for inflation and the cedi’s depreciation.

Inflation for the month of August stood at 33.9% as the Ghana cedi is selling at GH¢10.51 to a dollar.

Meanwhile, President Akufo-Addo has assured that Ghana will soon recover from the current economic hardships.

My income in Cedis has remained the same since Oct 2021. My purchasing power has dropped by 66%.

GHS 600.00 was USD 100.00 a year ago.
Today it is worth USD 60.00. #CostOfLivingCrisis #BrokeGhana #HardDecisions #Indiscipline pic.twitter.com/gd7kX45cja

— Joe Jackson (@Joe_Jackson_GH) September 17, 2022