Cedi depreciation: Money doesn’t like noise — Akufo-Addo

President Nana Addo Dankwa Akufo-Addo on Sunday cautioned against the talking down of the Ghanaian currency — Cedi.

According to him, people disparaging the Cedi is affecting its performance against major trading currencies.

In a televised address to the nation on the economy, President Nana Akufo-Addo said “Fellow Ghanaians, as the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, ‘sika mpɛ dede’. Where there is chaos, where there is noise, where there is unrest, you will not find money.

“Money doesn’t like noise. If you talk down you currency, it will go down, if you allow others to talk down your currency it will go down,” the President intimated in the recorded address aired on Sunday, 30 October 2022.

He urged the citizenry to rally behind the government in straightening the Cedi and stop speculations contributing to the currency’s woes.

Akufo-Addo also warned persons publishing falsehoods about the currency resulting in panic, stating that the relevant state agencies will act against them.

“All of us have a role to play in strengthening the Cedi, stop speculation. Those who publish falsehoods resulting in panic, the relevant state agencies will act against such persons.”

Cedi’s performance

The depreciating trend of the Cedi has continued for several weeks.

The currency lost more than 14% value to the dollar from October 17-21 and even performed worse than the pound and the euro respectively.

However, it strengthened for the second day running on October 26 to ¢14.00 to one US dollar in the retail or forex market as it continued its recent gain against the American ‘greenback’.

This is against ¢14.50 it sold to a dollar on October 25, 2022.

 

By: Bernard Ralph Adams | Metrotvonline.com | Ghana

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