The Governor of the Bank of Ghana, Dr. Kofi Henry Wampah has attributed the continuous depreciation of the cedi to speculative activities by industry players.
According to him, the cedi is consistently depreciating against major foreign currencies because “people keep talking it down”
Speaking to Citi News, Dr. Wampah further stated that “talking down the cedi makes it even more likely to reach the bad levels that we[Ghanaians] already think it is”
“Even if you say that the cedi is going to depreciate, I will ask that you put a figure to it,” he stated.
At the beginning of 2014, the Presiding Bishop and General Overseer of the Christian Action Faith Ministries, Archbishop Williams led his congregation to pray for the cedi.
“…I hold up the cedi with prayer and I command the cedi to recover and I declare the cedi will not fall; it will not fall any further. I command the cedi to climb. I command the resurrection of the cedi. I command and release a miracle for the economy,” he declared.
The cedi has been depreciating against major trading currencies.
This compelled the Central Bank to introduce some measures to halt the decline.
The central bank has since revised the rules but the cedi continues to depreciate.
The Cedi has depreciated against the US dollar by about 27 percent.
This is about 24 percent more than what was experienced last year.
Many blame the Bank of Ghana boss for the decline of the cedi with some asking him to resign but Mr. Wampah insists the cedi is not doing as poorly as many claim.
By: Marian Efe Ansah/citifmonline.com/Ghana