Former president John Kufour has called into question the so called economic policies government claim it is putting in place to get the economy back on track.
In a no-holds-barred interview at the sidelines of an event in Accra Thursday, Kufour, who spoke to the issue of what is a messy situation said Ghana’s current economic troubles if not attended to, would bring untold hardship to the citizenry.
“It is already more than four Cedi to a Dollar. If we are not careful, it will keep on dropping and then we get back to the days where when you want to buy bread you will have to find a wheelbarrow to carry your cedi in to go and buy,: he said at an anniversary ceremony for local finance firm Ideal Finance.
He added: “Given the fact the world is moving into one common market of competitiveness and also the fact that Ghana is trapped into importing almost everything we use in our country, our economy is almost totally import-dependent.
“Don’t just diversify but focusing on what to do to encourage products that can be exported to earn hard currency. Without that, remaining import dependent, we will have to find the hard currency to import what we need and also to boost the cedi, because when you go to our market, they are travelling internationally to buy things to come and sell in the market.
“If you go to Togo and you offer them the Cedi in business transactions they will not accept it which is a problem for us even in the ECOWAS region.”
Ghana’s economy continues to suffer a performance described as worst in decades with the government turning to the IMF for help.