Flashback: What John Mahama said about Ghana’s currencies depreciation in 2014
John Dramani Mahama
Most Ghananians are worried with the current Ghana cedis depreciation against the United States dollar in the New Patriotic Party government led by President Nana Addo Dankwa Akufo-Addo.
The agitations of Ghanaians are still on the rise as Data Bank report has placed Ghana cedis at the 2nd worst performing (14th position) among the top fifteen (15) performing Africa currencies.
READ MORE: Africa’s top performing currencies in 2022 – Ghana cedis ranked 2nd worst currency
It came a surprise to many Ghananians because, prior to the December 2016 General Elections, the opposition New Patriotic Party government led by the then candidate Nana Addo Dankwa Akufo-Addo and Dr. Mahamudu Bawumia has openly criticized the performance of the Ghana cedis against the dollar at the time the cedis to the dollar rate was a little above ¢3 to 1$.
Currently, the Ghana cedis is performing around ¢6.63 against the US dollar (as of Wednesday, 23rd February, 2022)
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The worrying depreciation of the Ghana cedis has made most Ghanaians making references to former President John Dramani Mahama’s National Democratic Congress (NDC) led government and the statement he made about the cedi depreciation on 13th February, 2014, barely 8 years and still counting m
Regarding the depreciation of the Ghana Cedi, the former president John Dramani has put out two major things for all Ghanaians.
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In a statement, John Dramani Mahama said;
“First: this is not caused by our national decisions. We are part of the global financial system and so we share both its ups and downs.”
“Since the beginning of this year, several countries, with stronger economies than ours, have seen their currencies depreciating due to the moves of international players on the stock market. In January, for instance, Argentina’s peso fell more than 20%, Turkish lira lost 6%, the South African rand fell 7% and so did the Russian ruble.”
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“The second thing I want you to be sure of is that the government is aware of the effect this depreciation has on your lives. We take all the proper measures to enable the Cedi to regain its strength against the US dollar and other major currencies. This is a short term challenge and we will fix it. Panic only worsens things in the financial market, so bear with the government, confident and fearless, because we will chart the path for recovery.”
SOURCE: Coverghana.com.gh
