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“I Command The Falling Cedi To Rise In Jesus’ Name” Is This A Bad Joke, Duncan-Williams?

Posted by Business in Ghana on February 2, 2014

Ben Ofosu-Appiah, Tokyo, JAPAN.

Only last week I wrote an article here on how we black folks sometimes allow our critical faculties, our ability to rationalize and think critically and have a pragmatic and scientific evaluation of facts and the evidence to be drown out by blind and unquestionable acceptance of things that defy reason and logic and are packaged and sold to us in the name of religion.

Everybody knows that the Ghana cedi has been in a free fall and the government has proven incapable so far in dealing with the situation. Investor confidence in the economy is low and business confidence in the country is reported to be at an all time low according to a recent report in the Daily Graphic.

The cedi has already depreciated by three per cent against the major international currencies this month. The US dollar, which sold at Ghc2.20 on the local foreign exchange market before Christmas last year, now sells at Ghc2.60. The British pound, which sold at Ghc3 now sells at Ghc4.20. The euro and CFA are also selling at Ghc3.50 and Ghc4.80 respectively. In 2013, the local currency suffered 17-per cent depreciation. The year-on-year depreciation shows a 21.96 per cent depreciation of the cedi against the dollar; 28.88 per cent against the pound sterling; 23.98 per cent against the euro and 25.54 per cent against the Swiss franc.

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