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The former President of Ghana and flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has unveiled plans to combat the depreciation of the Ghanaian cedi if re-elected in the 2024 elections.
Speaking on the pressing issue, Mahama proposed the establishment of foreign exchange desks in all banks under the supervision of the Bank of Ghana.
The move, he explained, would ensure controlled access to foreign currencies, particularly for businesses registered with the Social Security and National Insurance Trust (SSNIT) and adhering to tax regulations.
“These measures will stabilize the cedi and promote economic growth by streamlining forex transactions and prioritizing qualified businesses,” Mahama said.
He criticized the current administration, led by President Nana Addo Dankwa Akufo-Addo and Vice President Dr. Mahamudu Bawumia, for what he described as economic mismanagement, resulting in the cedi’s significant decline.
Mahama specifically pointed to high taxes like the COVID-19 levy, which he pledged to abolish, describing them as burdensome and unnecessary.
The NDC flagbearer also proposed stricter regulations on forex trading. His reforms include banning unauthorized individuals from engaging in forex transactions, penalizing businesses that price goods in foreign currencies, and reintroducing foreign account taxes to boost revenue.
Dr. Esther Valarie Sawyer, a prominent NDC member and former deputy chief of staff, supported Mahama’s proposals.
She highlighted the relative stability of the cedi under his previous administration and attributed the current challenges to what she called the “recklessness and incompetence” of the governing New Patriotic Party (NPP).
Mahama also pledged to implement measures allowing businesses with over 20 employees access to flexible forex transactions if they meet SSNIT requirements.
To discourage capital flight, he proposed a cap on weekly foreign currency transfers.
Additionally, he promised to hold accountable those involved in illegal forex trading, including diplomatic missions and foreign nationals.
Mahama expressed confidence that these reforms would restore investor trust, strengthen the cedi, and position Ghana for sustainable economic stability.