The country's current economic situation, which former president John Dramani Mahama feels has led to deteriorating living circumstances over a number of decades, has drawn his attention.

He asserts that Ghana's economy has been thrown into crisis after crisis over the last few years, with essentially no end in sight.

The former president said that the Ghana cedi has experienced the highest-ever depreciation against the US dollar this year in a tweet posted on Friday, November 4, 2022.

“In the last few years, our economy has lurched from crisis to crisis, ultimately resulting in the most debilitating living conditions in several decades,” John Mahama wrote.

“Within a space of ten months, our currency has depreciated by over 62% against the US$, which is the highest in recent memory,” he added.

The current economic challenges in Ghana have reached unprecedented levels as citizens, businesses, and residents have been grappling to make ends meet in rather turbulent times.

Ghana’s local currency has since been ranked by Bloomberg as the worst performing in the world against the US dollar, overtaking the Sri Lanka rupee.

Bloomberg, at the time of the ranking, said the cedi had tumbled by about 50 percent to the US dollar.

This has resulted in an upsurge in the cost of living, persistent fuel price hikes, job losses, worker agitations, and general frustration among the Ghanaian populace, which has been brewing for months.

Although President Nana Addo Dankwa Akufo-Addo has formally admitted the country has been plunged into a crisis, hopes of securing an IMF support programme to restore macroeconomic stability have been put into question by economic experts.