The Ghanaian cedi keeps depreciating by the day. This month alone the cedi has depreciated by a huge margin against the dollar making Ghanaians to begin to ask questions as to what is happening. The rise of the dollar means that traders have to spend more when buying goods from abroad. The Ghana Union of traders might have suspended their strike but the cedi hasn’t stopped depreciating against the dollar and this has culminated in the changing prices of goods every day.
Ken Ofori Atta in an interview on Asaase FM encouraged Ghanaians to hold on as the government works to get the economy back on track. Gabby Otchere Darko, a prominent NPP big wig has attacked Media General’s TV3 for using a certain name to refer to the Cedi. According to Gabby it doesn’t sound right for media houses to be running down the cedi because the currency itself is suffering and so it makes no sense for media personnel to also lambast the cedi.
He referred to a news headline of TV3 which said, ‘Worthless cedi hits new low’ and said the use of worthless was below the belt. Gabby explained that even international analysts will not dare use such a name to refer to the cedi and so felt appalled that a media house like TV3 will use such a word.
“It is not the job of journalists and analysts to fix the cedi; but fixing it is not helped if they make it more their job to fuel speculations. The cedi may be worth 60% less than what it was to the US dollar last year. But it is not worthless” Gabby said. Gabby called on Ghanaians to be hopeful and expect some changes soon.
It is interesting that Gabby failed to recall that years ago his uncle President Akufo-Addo had used the Twi word ‘hatata’ to refer to the cedi in 2016 when he was campaigning for elections. Bawumia had also said that the exchange rate will always expose if the fundamentals are wrong. Today, Gabby feels media personnel are being too hard with their words. Interesting times ahead.
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