Alan Kyerematen, the Founder and Leader of the Movement for Change, has attributed the depreciation of the Ghana cedi to systemic failures and a lack of confidence in the Ghanaian economy. 

He warns that the cedi’s value may continue to decline against major foreign currencies unless Ghana increases its exports and reduces imports.

During his tour of the Eastern Region on Monday, Mr Kyerematen proposed several measures to restore the cedi’s value. 

He emphasised that regulating the activities of forex bureaus and boosting exports would be key to stabilising the currency.

Mr Kyerematen suggested that improving the export sector and implementing stricter regulations on forex operations could create a more stable economic environment. He believes these steps are crucial for the long-term health of the cedi.

He further asserted that between him, the former President John Dramani Mahama, and Vice President Dr Mahamudu Bawumia, he is the best candidate to revive the local currency. 

Mr Kyerematen expressed confidence in his ability to implement effective policies that would strengthen the cedi.

He called for immediate action to address the underlying issues causing the cedi's depreciation, stressing the importance of increased exports and tighter control over forex activities as essential strategies for economic recovery.

“The strength of the cedi is dependent on the demand and supply of foreign exchange. There is no other way unless you produce and export. Because if you don’t produce and use that to export abroad you won’t get dollars into the system…but have you heard a head of state talk about this before? So it is a systemic failure for a long time.”

“So between Alan, ex-president Mahama and Dr Bawumia, if its production and exports that would revive the cedi, who amongst the three of us can do that? If we have made that mistake all these years and we now need someone who can do this then it is Alan who can do that,” he stated.