The ongoing free slide of the cedi has been attributed by a former deputy finance minister, Mona Quartey, to Ken Ofori-uncertain Atta's future as Ghana's finance minister.
Even though a number of reasons have contributed to the devaluation of the cedi, according to Mona Quartey, the Finance Minister's continued tenure in office and his domestically unsuccessful policies have weakened investor confidence in the Ghanaian economy.
"There is no question that the cedi's depreciation is based on uncertainty, and keeping the Finance Minister as our leader is one of those uncertainties. The markets and the rest of the world are wondering why we would keep a finance team that has implemented domestically unsuccessful economic policies.
Therefore, the uncertainty is increasing the devaluation rate, Mrs. Quartey explained on November 9, 2022.
Since January 2022, the cedi's value has decreased by more than half.
The former deputy finance minister added that Ghana is clearly back in the HIPC era based on the current inflation rate.
"[The current inflation rate] is the highest it has been since the HIPC era in July 2001. Therefore, it is clear that we have returned to the HIPC era. We are without a doubt experiencing difficult times, and we can all feel it in our wallets, said Mrs. Quartey to host Umaru Sanda Amadu.
In October 2022, Ghana's inflation rate reached an all-time high of 40.4%.
The Ghana Statistical Service (GSS) published data on the Consumer Price Index (CPI) on Wednesday, November 9, 2022, which reflected this.
According to the report, both food and non-food inflation increased, reaching 43.7 and 37.8 percent, respectively.