One of the worst-performing currencies in a region that is feeling the effects of a global economic downturn is Ghana; which produces oil, gold, and cocoa. This year, the cedi’s value against the dollar fell by more than 40%.
In the midst of an economic crisis that has decimated the cedi currency and caused petrol and food prices to soar to record highs, more than 1,000 demonstrators marched through Ghana’s capital Accra demanding the resignation of President Nana Akufo-Addo.
In allusion to the government’s continuing negotiations with the International Monetary Fund for billions of dollars to support the economy, the red-clad mob filed past police in riot gear while waving placards and chanting “Akufo-Addo must go” and “IMF no.”
After consumer inflation reached a 21-year high of 37% in September despite significant policy tightening, the president of Ghana this week tried to reassure the public that the government would restore the country’s finances.
The nonviolent protest was the most recent in a string of actions this year against the rising cost of living; which has made it even more difficult for people to get by in a nation where, according to the World Bank, around a fifth of the population survives on less than $2.15 per day.