Nkonkonsa Celebrity Gossip From Africa
According to the deputy finance minister, Dr. John Kumah, the Ghana Cedi is the strongest currency in Africa.
The charges were refuted by the deputy minister in an interview with JoyNews.
Claims that the cedi is the poorest currency on the continent, in his opinion, are only attempts to harm the reputation of the New Patriotic Party (NPP) administration.
He claims that it also serves to undercut the government’s budgetary policies intended to stop their opponents’ free collapse of the cedi versus the dollar (the National Democratic Congress).
The Ghana Cedi is currently the third-strongest currency in Africa, Dr. Kumah added in the interview. However, he acknowledged that the cedi’s rate of depreciation may be the worst on the continent.
He claimed that the government had implemented several policies that it thought would help the economy and stabilize the cedi’s exchange rate with the US dollar.
Therefore, opposition are unable to link the weak cedi to poor financial management.
“And look, I’ve heard all the propaganda, they said Ghana cedi is the worst in Africa and all kinds of things. Look, don’t believe that propaganda. I just returned from Tunisia on a programme, and Tunisia has the second strongest currency in Africa.
“Ghana is third actually according to any global ranking of currencies. I am talking about the strength of currencies in Africa. The Libyan Dinar, followed by Tunisian Dinar and then Ghana cedi is the third strongest currency in Africa. But maybe they were talking about the rate of depreciation.
“I just saw what is happening in Nigeria and they are equally complaining that their Naira is not just four hundred and something to the dollar, but sometimes it’s even 700 depending on where … sometimes they can’t even find the dollar. So this is a global situation,” he said.
Mr. Kumah added, “So it is not just a Ghana situation, it is something that is happening globally and people should not begin to think that it’s as a result of some bad policy or whatever.”
Source:NKONKONSA.com
