Cedi Depreciation: Ken Ofori-Atta Performing Magic – Allotey Jacobs

Social commentator Bernard Allotey Jacobs has praised the Financial Minister, Ken Ofori-Atta, for the recent stability of the Ghana Cedi against the US Dollar.

In an interview on Peace FM, Allotey Jacobs said that the Ofori-Atta is silently working some magic to restore the value of the cedi against the major currencies.

He added that if the cedi can regain its value to a point where $1 will be equivalent to GH¢6 then the Nana Addo Dankwa Akufo-Addo government will be one of the best in the country.

“Yesterday I say that the cedi is marching against the dollar gradually. I think that the minister of finance. Speculation can simply destroy the market and for the cedi to be gaining value at this point implies that the minister is working some magic.

“If by 2024 the dollar to GH¢6 it will be one of the greatest achievements of this government. If this happens, we must celebrate the Nana Addo government, it will be one of the greatest achievements.

“And I am hoping so because the way we have spoken against this minister finance minister if he can do this it will be one of the greatest achievements,” he said in Twi.

2022 has not been a good year for the cedi, with the currency currently losing about 40 per cent of its value and being ranked as the second worst performing currency among 150 currencies in the world, according to Bloomberg.