A former Chief Executive of Dalex Finance, Kenneth Thompson has lamented the worrying state of the country’s economy.

According to him, the government has mismanaged the country’s fortunes into retrogression causing increased unemployment among the youth.

He said this on Joy FM’s Super Morning Show on Tuesday, November 19, while contributing to a discussion about the rising cost of living worsened by a depreciating currency.

“The Ghana economy has gone back to the seventies and it will take us another 53 years to get back to 2016.”

He said, “The exchange rate was around GHS4.00 to the dollar, but now it has risen to over GHS16, and it continues to increase."

“The government has overseen the largest transfer of private wealth to the state, which has since been mismanaged.”

Mr Thompson expanded on his concerns by highlighting the struggles faced by pensioners.

He also mentioned “the financial sector cleanup, which cost over GHS25 billion, yet no one has provided transparency regarding how the funds were spent”.

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The former CEO emphasised the diminishing value of the cedi, saying, "The value of the cedi in our pocket is worthless" due to poor mismanagement.

He also pointed out that these issues contribute to the growing inability to afford children's education, and that the situation is making the nation progressively poorer.

Mr Thompson further noted that the most affected by these economic challenges are the affluent, who are also suffering the consequences.

He added that the decline in the value of the cedi has led to increased levels of depression, anxiety, and loneliness, both for those in Ghana and those living abroad.