President Addo Dankwa Akufo-Addo has blamed those who make unnecessary speculations about the Cedi for contributing towards its incessant fall.
The Ghana Cedi from the beginning of the year has been falling to the major trading currencies especially the US dollar.
In his address to the state over the economic conditions Sunday, October 30, 2022, President Akufo-Addo shared how unnecessary speculation and activities of the black market depreciated the Cedi.
“Fellow Ghanaians, as the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, sika mpɛ dede. Where there is chaos, where there is noise, where there is unrest, you will not find money. If you talk down your money, it will go down. If you allow some unidentifiable person to talk down your money, it will go down,” he maintained.
“The recent turbulence on the financial markets was caused by low inflows of foreign exchange, and was made worse in the last two to three weeks, in particular, by the activities of speculators and the Black Market,” he added.
Meanwhile, the President noted “an anonymous two-minute audio message on a WhatsApp platform predicting a so-called haircut on Government bonds sent all of us into banks and forex bureaus to dump our cedis, and, before we knew it, the cedi had depreciated further.”
He urged everyone to come on board to help save the country.
“All of us can play a part in helping to strengthen the cedi by having confidence in the currency, and avoiding speculation. Let us keep our cedi as the good store of value it is,” he noted, cautioning “those who make it a habit of publishing falsehoods, which result in panic in the system, I say to them that the relevant state agencies will act against such persons.”
By Felix Anim-Appau|Onuaonline.com
