A deputy minister under the erstwhile John Dramani Mahama government has called for prayers for the Ghana cedi.
James Agyenim Boateng is also of the view that contrary to law, where the economy should be headed by an Economic Management Team (EMT) Ghana's economy is being mismanaged.
"Say a prayer for the Cedi and the government’s Economic Mismanagement Team led by Dr. Bawumia," Agyenim Boateng said in a tweet dated August 17, 2022.
His post was accompanied by a photo of an international news report on the continued slump of the Ghana cedi.
The Bloomberg News screenshot was reporting an emergency meeting by the Bank of Ghana (BoG) following a ‘currency slump.’
The report stated: “The cedi slumped 2.7% on Monday – the biggest decline in more than three years – to a record low, extending this year’s slump to 34% and making it the world’s worst performer after bankrupt Sri Lanka’s rupee among 150 currencies tracked by Bloomberg.”
What the Bloomberg report said about the cedi
The Ghana cedi ranked last but one, only behind Sri Lanka's Rupee, according to a currency performance ranking by Bloomberg taking into consideration 150 currencies in the world in terms of performance since the start of 2022.
Bloomberg said the results came after it tracked the performance of 150 currencies in the world.
Since the start of this year, the Ghana cedi has suffered persistent depreciation against major trading currencies, especially the US dollar.
The fall in the currency is due to demand for forex as it overtook supplies during a period when high debts and low investor confidence have made it impossible for Ghana to access the international capital market for borrowing.
As of July, this year, the cedi lost its value by more than 20 percent. The local currency is now trading above GH¢10.00 to one US dollar on the exchange rate market.
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I believe Bawumia is doing everything his power to combat the dollar. He needs time and our support.
It's interesting...all these guys have now found their voices, though we have our personal disappointment with this gov't, maybe due to current global economic recession, and the fact that competent hands in this gov't should have done better, the NDC is NOT an alternative, no. Never again! I believe if Bawumia becomes president he'll do better, though he's the best vice president in the history of Ghana, he still lacks full control over the economy since Nana Addo takes all decisions.
All the men and women in the Mahama administration are resurfacing, thinking about getting the opportunity to milk the nation again. Create, loot and share isn’t going to happen anytime soon. It’s still fresh in our mind. The npp should do the obvious and right things to elect Bawumia and Joe Ghartey as his vice candidate. I bet you, Bawumia will” choke “ Mahama and the ndc anytime any day. The people of Ghana will overwhelmingly vote Bawumia over Mahama.