The Chairman of the Ayawaso West Wuogon Constituency for the National Democratic Congress (NDC), Bismark Aborbi-Ayitey, has likened the fast-paced depreciation of the Ghana Cedi to 'kontomire' — the leaf of the cocoyam plant.

Mr Aborbi-Ayitey attributes the Cedi's depreciation against major foreign currencies to rampant corruption and gross mismanagement by the government.

"All these monies that you are paying to foreign companies are in dollars, and if no tangible benefits are derived, the cedi will automatically depreciate, leaving it to become as weak as kontomire," he said.

He highlighted numerous instances of financial misconduct that he believes have significantly weakened the nation’s currency.

“Our money is being mismanaged,” he asserted. “Eleven million dollars were paid for the construction of the Pwalugu Dam, yet we haven’t seen anything resembling that project.”

He also highlighted other questionable financial decisions, alleging, “$2 million and $2.5 million were paid to a South African company and a Portuguese company respectively for the construction of a sky train and the reconstruction of the Accra-Tema Motorway. None of these projects have materialized.”

Mr Aborbi-Ayitey emphasized that these corrupt practices place substantial pressure on the cedi, leading to its devaluation.